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Accounting Standards and Regulations Bodies:


Accounting Standards are the rules and regulations which are developed/ established by some government authorities, regulatory bodies and large companies to improve their work efficiencies and for general auditing purposes. These rigorous standards help the companies to work in a uniform environment and use the very effective and efficient ways to improve their transactions recording performances. That effective internal accounting skill helps the accounting and finance personals to keep their financial records up-to-date.

There are some important elements which are very essential for the accounting standers and every business organization follow them to improve their skills and abilities in the field of accounting.

The elements of the accounting standards are as follows and that also helps us to maintain the business ventures and improve their skills to manage their daily business activities. Through this way the elements help-out to identify the exact amounts of transaction and its entity which is reporting, discussion and concern, questions, specifying monetary units and repaying time frame.

The limitations are to adopt the accounting standards is to keep the accounting transaction free and fair for all users and stakeholders.

The audit team needs to focus on the business transactions, deduct and inform the senior to keep prevent from the misuse of the figures, to deduct the fraud in the large companies. There also many benefits of these accounting standers of the business organizations to adopt and manage their accounting books and financial records according to these standards.

The common accounting standards which are globally known and adopted is known as IFRS “International Financial Regulations and Standards”. But there are many countries they develop their own generally accepted accounting principles. These principles help out the countries domestic regulations bodies and authorities to must adopt the standards and principles in their jurisdiction.
That’s the reason we have a list of the countries which have their own acceptable standards but for the global running business with the other countries business companies and Multinational cooperation, they must need to adopt the IFRS. The countries which develop their own GAAP “General Acceptable Accounting Principles” are the USA for domestic accounting, China, India, Canada, Germany, United Kingdom, Russia, and Nepal etc.


The accounting standards for global run IFRS is  established, managed and implemented by the IASB “International Accounting Standard Board.” IASB is the authorized body to make the changes and implement the IFRS for MNCs and many domestic running companies.
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