Archive | Accounting Standards

Reasons for Slow Progress of ASB in Standards Setting

In this article we will discuss about the reasons for slow progress ASB in standard setting in India with suggestions to improve it. Reasons for Slow Progress: The Indian ASB’s efforts in respect of accounting standards, although commendable, are not very satisfactory taking into account the work done in this area in USA, UK and […]

Corporate Management and Accounting Standards

In this article we will discuss about the role of corporate management in determination of accounting standards. Corporate managements play a central role in the determination of accounting standards. Corporate management is central to any discussion of financial reporting, whether at the statutory, or regulatory level or at the level of official pronouncements of accounting […]

4 Major Difficulties in Setting up Accounting Standard

The following points highlight the four major difficulties faced in setting up accounting standard. The difficulties are: 1. Difficulties in Definition 2. Political Bargaining in Standard Setting 3. Conflict in Accounting Theories 4. Pluralism. Difficulty # 1. Difficulties in Definition: To agree on the scope of accounting and of principles or standards, is admittedly most […]

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