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Accounting Concepts

M Iffi (44 Points)

14 March 2021

what is difference between Accounting Concepts and Accounting Standards

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yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 14 March 2021

Accounting concepts are rules/ principles which give underlying guidelines in accounting.

Accounting standards are principles used for measurement, recognition, presentation and disclosures used for recording financial data.

Accounting concepts are used in accounting standards while different standards follow different methods to record transactions.

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 14 March 2021

Account concepts are learning concepts of accounts for basic knowledge about accounts.

Accounting Standards are prescribed standards for preparation of financial statements and to show the accounts of various transactions are prepared as per Accounting standards