0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What is frs and ifrs?
FRS - Financial Reporting StandardsIn UK, the chief standard-setter for financial accounting is the Accounting Standards Board (ASB), which issues standards called Financial Reporting Standards (FRSs). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies.IFRS - International Financial Reporting StandardsInternational Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). This is used extensively in EU and there are efforts being made to converge accounting standards globally to IFRS.
What are the Needs for accounting standards?
The term standard denotes a discipline, which provides both guidelines and yardsticks for evaluation. As guidelines, accounting standard provides uniform practices and common techniques of accounting. As a general rule, accounting standards are applicable to all corporate enterprises. They are made operative from a date specified in the standard. Accounting is the art of recording transactions in the best manner possible, so as to enable the reader to arrive at judgments/come to conclusions, and in this regard it is utmost necessary that there are set guidelines. These guidelines are generally called accounting policies. The intricacies of accounting policies permitted Companies to alter their accounting principles for their benefit. This made it impossible to make comparisons. In order to avoid the above and to have a harmonised accounting principle, Standards needed to be set by recognised accounting bodies. This paved the way for Accounting Standards to come into existence.
What is statutory and regulatory of accounting?
Statuatory Account are custom defined for a particular company if it is following its own accounting principles or a separate ledgers for its accounts then statuatory accounts will come in place where is regulatory accounts are regular accounts which is called as General Chart of Accounts which is already defined.
What is standared costing?
Under standard costing standard costs are determined which are required to produce one unit of product and then variance analysis is done to find out if there is any variations form standards costs and actual costs and then try to eliminate those variations. The whole process is called standard costing.
What is abbaser?
Abbaser is a figure of speech, also called tapinosis, where something is given a name which makes it appear to be less important than it is - for example, calling a river a stream.
What are the beliefs that guide the way a person lives called?
Beliefs that guide the way a person lives are often referred to as values. Values are principles or standards that individuals consider important in their lives and use to make decisions and navigate the world.
A common set of accounting standards and procedures are called?
GAAP - Generally Accepted Accounting Principles
Principles and standards you use to decide how to act are called?
Ethical principles and standards are used to guide decision-making and actions. These can include values such as honesty, integrity, respect, and fairness. The ethical framework helps individuals make choices that align with their beliefs and values.
The standards and rules that are recognized as a general guide for financial reporting are called?
you may be thinking of Generally Accepted Accounting Principles (GAPP). These rules are pertinent to US companies. Internationally we have IFRS- International Financial Reporting Standards
What is the idea that the same ethical standards apply to everyone called?
The idea that the same ethical standards apply to everyone is called moral universalism. This principle asserts that ethical principles should be consistent and relevant for everyone, regardless of factors such as culture, religion, or personal beliefs.
What is the name of a statement that a political party sets up of policies and principles for voters to consider?
Such a statement may be called a platform or a manifesto.
Why do people consider their holy books to be important?
Its called "holy" for a reason...
What are the general industry standards called?
In the US, the standards called "General Industry Standards" are the OSHA standards at 29 CFR 1910 and are sometimes called Part 1910.
What are the General Industry standards also called?
In the US, the standards called "General Industry Standards" are the OSHA standards at 29 CFR 1910 and are sometimes called Part 1910.
Do you consider important to learn English?
I do consider it important to learn English because the whole continent of North America does. America is called the land of opportunity, and in order to have that opportunity you need to speak english.
What are the general industry also called?
In the US, the standards called "General Industry Standards" are the OSHA standards at 29 CFR 1910 and are sometimes called Part 1910.
What are big bang fans called?
They are called VIPs. It stands for very important people. Big Bang consider their fan as very important so that why it 's VIP.
