Category: Accounting Standards

Accounting standards are a set of rules and guidelines that tell businesses how to report their financial position and performance. These standards make sure that financial statements from different organizations are correct, consistent, and easy to compare. In this post, we'll talk about the basics of accounting standards and why businesses need them. Accounting Standards: A Brief History Accounting standards have been around since the early 1900s. When the American Institute of Accountants put out the first set of accounting rules (AIA). This set of rules was called the "Ten Generally...