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IASC
International Accounting Standards Committee
IAS
International Accounting Standards
IFRS
International Financial Reporting Standards
GAAP
Generally Accepted Accounting Principle
The way that most people do something.
Accepted practice
For example, Australia, the U.K, the U.S.A
English-speaking country
People or groups who are not involved with the company
Outside parties
The rules and regulations which state how accountants operate in a particular place.
Local accounting standards
A firm that sells its share to anyone who wants to buy them.
Publicly-traded company
What's standard? Accounts should be produced using the same principles from one year to the next year
 
The consistency principle
 
The going concern principle
 
The prudence principle
 
The matching principle
What's standard? Items are recorded when the income and expense arises, not depend on movement of cash.
 
The matching principle
 
The going concern principle
 
The prudence principle
 
The consistency principle
What's standard? recognizing expenses immediately, and not recognizing income until it is reasonably certain
 
The prudence principle
 
The going concern principle
 
The matching principle
 
The consistency principle
What's standard? When preparing accounts, one must assume that the company will still be viable in the years to come
 
The going concern principle
 
The prudence principle
 
The matching principle
 
The consistency principle


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