accounting standard

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A definitive standard for financial accounting and reporting established in the form of a Statement of Standard Accounting Practice (SSAP) issued by the Accounting Standards Committee or, since 1990, a Financial Reporting Standard (FRS) issued by the Accounting Standards Board in the UK. In the USA the issue of Statements of Financial Accounting Standards is the responsibility of the Financial Accounting Standards Board. Standards set out rules and procedures relating to the measurement, valuation, and disclosure of accounting transactions. In recent years there have been attempts in a number of countries to improve accounting standards by developing a conceptual framework. It can be argued that national accounting standards are becoming steadily less important with the development of international accounting standards.

Subjects: Accounting.

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