This short lecture would enable the viewer to appreciate the need for uniform accounting practices, standard accounting principles adopted by each Accounting standards Board and framework to restate financial statements for comparison of cross border businesses globally.

The conceptual and regulatory framework of accounting standards is a necessary knowledge all aspiring finance and accountancy course candidates must have. This topic is the first in the syllabus of most renowned courses on Finance and/ or accounting.

You would be able to appreciate after this course,

• What are accounting practices?

• Why we need common accounting procedures?

• What is a regulatory body?

• Why is there a need for regulatory body?

• What is GAAP?

• Who issues the GAAP?

• To whom does GAAP apply?

• Evolution of Accounting standards boards like CAP, APB, FASB, GASB & EITF

• US GAAP Vs. Accounting Standards of other countries

• FASB Vs. IASB

• What is IFRS?

• A Comparison of key features between GAAP and IFRS

Professional courses such as CA, CPA, CMA, ACCA and even graduate and post graduate courses such as Bachelor’s level and Master level programs offered by renowned universities include this topic as a foundational bed rock to build concepts upon.

There are many more such concept videos that shall be posted shortly that complement and build upon the concepts one after the other that would equip the viewer to appreciate the concepts of accounting and financial reporting at the grass root level.

Do leave in your comments and feedback to help me improve the content and quality of the lectures. You may also reach out to me directly for any clarifications or further queries. I would be glad to revert.

# foundation# beginner # Accounting standards framework # B. Com # M. Com # Ca # CPA # CMA # Financial reporting # Finance courses # Accounting Basics #