What are international accounting standards and why are they essential?
Why is there a need for international accounting standards (IAS)?
What are the key concepts and assumptions underlying international accounting standards?
What are the differences and similarities between a given contry's and international accounting standards?
With regard to underlying concepts?
With regard to balance sheet items?
With regard to income statement items?
Accounting standards are generally issued by the professional accountancy organisation within an individual country
Government departments and tax authorities usually have a significant influence on these accounting policies
These professional organisations issue the "generally accepted accounting principles" (GAAP) for their individual jurisdictions
In given country, accounting standards are proposed by a committee consisting of ministerial civil servants, academics and representatives of the business community. These proposals are then enacted into law by the parliament.