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Accounting and financial management

What is an accounting standard?

accounting standard

An authoritative statement of how particular types of transaction and other events should be reflected in financial statements. Compliance with accounting standards will normally be necessary for financial statements to give a true and fair view.

(NOTE: These principles are recommended by the Accounting Standards Board in the United Kingdom or by the FASB in the United States.)

"accounting standard." Dictionary of Accounting. London: A&C Black, 2007. Credo Reference. Web. 24 October 2013.

Standards setting boards