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Home > QFINANCE Dictionary > Definition of accounting standard

Definition of

accounting standard

Accounting

approved method of presenting financial information an authoritative statement of how specific types of transaction and other events should be reflected in financial statements. Compliance with accounting standards will usually be necessary for financial statements to give a true and fair view.

Recommended Further Reading (Term count)
  • The Ten Accounting Principles
    This checklist outlines the ten basic accounting principles and guidelines on which modern accounting standards are based.
  • Using and Understanding Financial Ratios for Analysis
    This checklist outlines the ways to use financial ratio analysis to assess the performance of a single company or to compare companies within an industry.
  • International Financial Reporting Standards (IFRS): The Basics
    This checklist provides a snapshot of the IFRS—International Financial Reporting Standards—and its growing global significance.
  • Key Accounting Standards and Organizations
    Accounting standards are rules according to which accounting statements have to be prepared. They demand minimum levels of disclosure, establish fundamental principles, delineate the meanings of terms, and stipulate how numbers must be calculated. Accounting standards vary not only between countries but also between industries.The financial situation and operations of a business are reported through accounting statements, which are generally...

Definitions of ’accounting standard’ and meaning of ’accounting standard’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’accounting standard’ and other financial terms with our online QFINANCE Financial Dictionary.

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