International Accounting Standards
Applying to the standard documentation of accounting "standard" means a set of documented rules of accounting.
Accounting standards can be of two types: domestic and international. Internal standards – is norms on accounting issued for use within the country. International accounting standards - these are the standards developed by the International Accounting Standards Committee (IASC) and recommended for the use in the world practice.
There is a close relationship between domestic and international standards. As a rule, internal accounting standards are primary. During the development of international standards internal standards are analyzed, the current practice of accounting of any phenomenon in different countries is studied, and then recommendations on accounting of international character are forming. At the same time domestic accounting standards should be built on the basis of international standards.
International standards do not reject the national requirements for record keeping and preparation of financial statements in individual countries.
Financial Accounting - lesson planning