What is the difference between Accounting Standared and Accounting Policy ???????
pls pls solve this ..........
1 Replies
Vaisakh Ayyappan Prakash(VAP)
(student)
(474 Points)
Replied 29 January 2013
accounting standard - a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions
accounting policy -The specific policies and procedures used by a company to prepare its financial statements. These include any methods, measurement systems and procedures for presenting disclosures. Accounting policies differ from accounting principles in that the principles are the rules and the policies are a company's way of adhering to the rules.
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