what are accounting standards 
in most cases accountants use generally accepted accounting principles gaap when preparing financial statements in the u s gaap is a set of standards and principles designed to improve the comparability and consistency of financial reporting across industries its standards are based on double entry accounting a method in which every accounting transaction is entered as both a debit and credit in two separate general ledger accounts that will roll up into the balance sheet and income statement 10in most other countries a set of standards governed by the international accounting standards board named the international financial reporting standards ifrs is used 11tax accountants overseeing returns in the united states rely on guidance from the internal revenue service federal tax returns must comply with tax guidance outlined by the internal revenue code irc 12tax accounts may also lean in on state or county taxes as outlined by the jurisdiction in which the business conducts business foreign companies must comply with tax guidance in the countries in which they must file a return 