Accounting Standards Practice Exam

About Accounting Standards
An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements. International companies follow the International Financial Reporting Standards, which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements.

Accounting standards relate to all aspects of an entity’s finances, including assets, liabilities, revenue, expenses and shareholders' equity. Specific examples of an accounting standard include revenue recognition, asset classification, allowable methods for depreciation, what is considered depreciable, lease classifications and outstanding share measurement.

Why is Accounting Standards important?
Accounting standards ensure the financial statements from multiple companies are comparable. Because all entities follow the same rules, accounting standards make the financial statements credible and allow for more economic decisions based on accurate and consistent information.

Accounting Standards help the market by
•    Consistency
•    Fair Estimates and Valuations
•    Accurate Reporting
•    Independence
•    Appropriate Consideration

Who should take the Accounting Standards Exam?
•    Accounting or Finance professionals
•    Business owners
•    Entrepreneurs
•    Anyone who wants to assess their Accounting Standards skills
•    Accounting or Finance managers and senior executives
•    Sales consultants
•    Professionals working in outsourced companies responsible for Accounting Standards
•    Any professional with skills and knowledge on Accounting Standards
•    Anyone interested in Accounting Standards
•    Anyone who wants to learn Accounting Standards
•    Students

Knowledge and Skills required for the Accounting Standards

Analytical bent of mind and good communication skills helps candidate to gain quick success for career in accounting standards.

Accounting Standards Practice Exam Objectives

Accounting Standards exam focuses on assessing your skills and knowledge in various global accounting standards which includes IFRS and GAAP.

Accounting Standards Practice Exam Pre-requisite

There are no prerequisites for the Accounting Standards exam. Candidates who are well versed  in financial accounting can easily clear the exam.

Accounting Standards Certification Course Outline

1. Accounting Standards Basics
2. IFRS
3. GAAP


Exam Format and Information
Certification name – Accounting Standards Certification
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees  - INR 1199