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What are International Accounting Standards and which body is responsible for establishing them?

Question by Sydney Mulunda On 20 March 2020, 18:58:40


Please write a genuine and meaningful answer to get a good ranking.

Answer by Sydney Mulunda On 20 March 2020, 19:09:14

International accounting standards are guildelines that are issue by the International Accounting Standards Council and endorsed by the International Accounting Standards Board. They are international meaning that they are practiced all ove rthe world by the accountants. They act as guidelines that guide accountants in ensuring that they perform their roles in a way expected of them. These standards help to bring uniformity, enhance integrity and transparency in the way accountants perform their duties. It is worth noting that these standards guide the accountants on ways of treating different things like revenuess, assets, liabilities and other accounting issues that they face. Currently Inaternational accounting standards are being replaced by International Financial Reporting Standards.