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Diff between accounting principle,rule, standard

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(Querist)
01 August 2008 Dear all
What is difference between Accounting principle, Accounting policy & Accounting Standard? pl give me clear meaning
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
01 August 2008 Principle- Generally Accepted norm, though not enforced statutorily.

Standard-Norm that is required of may or may not be statutorily enforced.

Rule-Statutory prescription

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