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ToggleAccounting standards are a system of rules and regulation. It describes how a company must disclose and report financial statements. It also prescribes the form and content for the disclosure of the financial information of the business. The accounting standards set accounting practices for communicating the financial position of the companies to investors, government, employees and other users of accounting information. It covers various topics like how to account for depreciation, inventories, research and development cost, income tax, investment etc. all other assets and liabilities of the business.
However, International accounting standards are the older version of the accounting standards issued by the International Accounting Standard Board (IASB). The IASB is an independent body based in London that sets the standard for accounting practices. From 2001, International Financial Reporting Standards (IFRS) have replaced the IAS.