Tag Archives | Accounting Standard

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 difficult. Some, for example, equate [...]

By |2016-06-18T07:01:37+00:00June 18, 2016|Accounting Standards|Comments Off on 4 Major Difficulties in Setting up Accounting Standard

Accounting Standard: Definition, Benefits and Types

In this article we will discuss about Accounting Standard:- 1. Definition of Accounting Standard 2. Benefits of Accounting Standards 3. Types. Definition of Accounting Standard: The term 'Accounting Standard' may be defined as written statements issued from time to time by institutions of the accounting profession or institutions in which it has sufficient involvement and which are established expressly for [...]

By |2016-06-18T07:01:37+00:00June 18, 2016|Accounting Standards|Comments Off on Accounting Standard: Definition, Benefits and Types

Analysis of Different Arguments for Standard Setting

In this article we will analyse different arguments for standard setting. 1. Government as Standard Setter: The following arguments are generally given for standard setting by the government: (1) A government would be free of conflicts of interest—more impartial and more responsive to all interests; it would not become a tool of business interests or of the accounting profession. Some [...]

By |2016-06-18T07:01:37+00:00June 18, 2016|Accounting Standards|Comments Off on Analysis of Different Arguments for Standard Setting
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