What Is Accounting Standards? How Many Accounting Standards Are There At Present?

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Accounting standards are issued by the International Accounting Standards Board (IASB). The (IASB), which is established under the Financial Reporting Act 1997 (the Act) acts as an independent authority to develop and issue accounting and financial reporting standards in a country
 
Example:
1) IASB (INTERNATIONAL ACCOUNTING STANDARD BOARD)
2) IFSB (INTERNATIONAL FINANCING REPORTING STANDARD)

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