Accounting Standards

Accounting standards:
–Institute of chartered accountants of India recognising the need to harmonise the diverse accounting policies and practices constituted an accounting standards board in the year 1977.
–ASB formulate accounting standards so that council of ICAI may mandate such standards.
–Day book and GLB posting in a bank
–The general ledger balance is virtually trial balance of the bank on a particular day. It reflect the balances of all accounts. While preparing balance sheet and profit and loss account of branch of bank the GLB balances are taken.
–Balance sheet of all branches together when consolidated becomes the balance sheet of bank.
–Generally accepted accounting principles
–The common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information.
–GAAP are imposed on companies so that investors have a minimum level of consistency in the financial statements they use when analyzing companies for investment purposes. GAAP cover such things as revenue recognition, balance sheet item classification. Companies are expected to follow GAAP rules when reporting their financial data via financial statements.
–That said, keep in mind that GAAP is only a set of standards. What is important that its underlying objectives are followed in true perspective.

Accounting & Finance for Banking

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