Financial Accounting (Elements of Financial Accounting) - I

Standard means a 'set guideline' followed, when different alternatives are available in a given situation. Accounting Standard means a 'set guideline' followed, when different alternatives are available for accounting, in a given area of accounting, by a business/professional organisation. In India 'Accounting Standards' are given by the 'Institute of Chartered Accountants of India (ICAI)'. According to ICAI, 'Accounting Standards' are written documents containing the 'Generally Accepted Accounting Principles (GAAP)', in a given area of accounting.