Define: Accounting Standards

UK Accounting Glossary

Definition: Accounting Standards

Quick Summary

Definitive statements of best practice issued by a body having suitable authority.

What is the dictionary definition of Accounting Standards?

Dictionary Definition

Accounting Standards are a definitive standard for financial accounting and reporting, such as the Financial Reporting Standards issued by the Financial Reporting Council in the UK or the International Financial Reporting Standards issued by the International Accounting Standards Board (IASB). In the US, the issue of Statements of Financial Accounting Standards is the responsibility of the Financial Accounting Standards Board.

Standards set out rules and procedures related to the measurement, valuation and proper disclosure of accountancy transactions.

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