Accounting standards: Form the foundation of financial

Accounting standards form the foundation of financial reporting. They ensure transparency, comparability, and reliability across companies and countries — enabling investors, regulators, and stakeholders to make informed decisions. This article provides a comprehensive overview of the six major accounting frameworks, a detailed comparison, and information on both suspended and upcoming standards . Accounting Standards for Local Bodies (ASLB) 3, ‘ Accounting Policies, changes in Accounting Estimates and Errors" Accounting Standards for Local Bodies (ASLB) 4, ‘The Effects of Changes in Foreign Exchange Rates’ Understand accounting standards , their types, and significance in financial reporting. A detailed guide for businesses to ensure transparency and compliance. The Accounting Standards Board (ASB) tatives fr IRDA, MCA. Takes into consideration “ Accounting Standards ” at International level and sets National Standards based on the same, ensuring that the Accounting Standards are broadly aligned to Global Accounting principles.