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Accounting standards are methodologies and disclosure requirements for the preparation and presentation of financial statements.

Accounting standards are usually developed within the institutional and professional framework of a country, and promulgated by regulatory or professional accountancy bodies. Standards can also be backed by ethical standards issued by an accountancy body that provide for professional sanctions against members in the event of non-compliance. Accounting standards may also be developed in harmony with, or as an adaptation of, an internationally recognized set of benchmark standards such as International Accounting Standards (as promulgated by the International Accounting Standards Committee), or the U.S. GAAP (General Accepted Accounting Principles as promulgated by the Financial Accounting Standards Board in the United States of America).

Source Publication:
Code of Good Practices on Transparency in Monetary and Financial Policies, Part 1—Introduction, Approved by the IMF Executive Board on July 24, 2000.

Cross References:
Accounting basis
Accounting system


Statistical Theme: Financial statistics

Created on Wednesday, July 24, 2002

Last updated on Wednesday, April 24, 2013