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Differentiate between accounting standards and accounting concepts.
The major differences between accounting standards and accounting concepts are as follows −
Accounting standards
These are uniform rules which started in 1950s and are rigid in nature.
Individuals, business firms should follow these standards.
Its main objective is to correct measurements and disclosure.
It creates more responsibilities.
There are various accounting standards, some of them are AS 1 disclosure of accounting policies, AS 3 cash flow statements, AS 6 Depreciation accounting etc.
Accounting concepts
There are various accounting concepts and they are customary and flexible in nature.
It offers liberty to follow various methods.
It is less responsible as compared to accounting standards.
It is independent of evolving needs of investment community.
Relevance, reliability, materiality, comparability, understandability, constraints of timeliness fall under accounting concepts.
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