Do you have a standard company accounting / financial policies?
Question:
Answer:
There are standard accounting principles to be followed as promulgated by your local accounting standards board. In the US its the FASB. But in most parts of the world, the standards are not being promulgated by the IASC which releases and promulagates the International Accounting Standards (IAS) and Internationl Financial Reporting Standards (IFRS).
Corporations and companies mostly have their own polices and guidelines in accounting for various transactions but when financial statements are issued, they must adhere to the standards imposed in your locale or the GAAP in your country.
Each Corporation sets up its own policies to be most effective for the particular business in which the organization is engaged.
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