Accounting Standards

A set of rules and procedures which standardise the process and presentation of financial reporting. These require companies to give a comprehensive and accurate picture of their financial health and allow easy comparison between different firms. In the UK, accounting standards are set and monitored by the Accounting Standards Board, a subsidiary of the Financial Reporting Council. Benchmark reporting standards include the International Accounting Standards and the US’ General Accepted Accounting Principles (GAAP).

This definition is for general information purposes only