Accounting standards are noting but principles of accounting. The term ‘Standards’ in place of ‘principles’ was introduced by the British when they set up their Accounting Standards Steering Committee in 1969.Later in 1973, the ‘Standard’ was also adopted by Americans. The institute of Chartered Accountants of India (ICAI) set up Accounting Standards Board (ABS) in the year 1977 and since then the term standard is in use and has become popular in India. The main function of ABS is to formulate accounting standards after considering applicable laws, usages, customs and prevailing environment. Click here for quiz on Methods of Amalgamation
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