Important Points for IC 26 - Life Insurance Finance Exam
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Accounting Standards are standards which are applicable to prescribed entities to standardize their accounting procedure so that accounts of entities become comparable with other entities engaged in similar line of business and lay down the principles on which accounting should be based.
The Institute of Chartered Accountants of India has so far issued 32 Accounting Standards.
Accounting policy refers to the specific accounting principles and the method of applying those principles adopted by enterprises in the preparation and presentation of financial statements.
Accounting policy adopted by one enterprise may be different from another enterprise.
While formulating Accounting policies for the preparation and presentation of Financial Statements, there are certain fundamental accounting assumptions which are going concern concept, accrual concept, consistency concept, qualitative characteristics, prudence, substance over form, and materiality.
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