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Accounting Standard

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An accounting standard is a principle that guides and standardizes accounting practices. The Generally Accepted Accounting Principles (GAAP) is a group of accounting standards widely accepted as appropriate to the field of accounting necessary so financial statements are meaningful across a wide variety of businesses and industries. An accounting standard is a guideline for financial accounting, such as how a firm prepares and presents its business income, expenses, assets and liabilities, and may be in accordance to standard. Accounting standards specify when and how economic events are to be recognized, measured and displayed. External entities such as banks, investors and regulatory agencies rely on accounting standards to ensure relevant and accurate information is provided about the entity. Accounting standards relate to all aspects of an entity’s finances including assets, liabilities, revenue, expenditures and equity. Specific examples of an accounting standard include revenue recognition, asset classification, allowable methods for depreciation.

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