Accounting Standard 1 (AS 1) deals with the disclosure of accounting policies, which is relevant for partnerships.

There is no specific accounting standard that governs partnerships; they follow general accounting principles.

AS 1 (Disclosure of Accounting Policies) provides guidelines that are relevant to the accounting treatment of partnerships.

GAAP (Generally Accepted Accounting Principles) governs the preparation of financial statements for sole traders.

IFRS (International Financial Reporting Standards) governs the preparation of financial statements in many countries.

Both IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles) provide guidelines for the preparation of trial balances.

IAS 2 governs the recognition and measurement of inventory.

IAS 18 governs the recognition of revenue for sole traders, outlining when revenue should be recognized.

IFRS 15 provides the framework for revenue recognition, applicable to partnerships as well.

IFRS 15 provides a comprehensive framework for recognizing revenue from contracts with customers, outlining when and how revenue should be recognized.

IAS 16 outlines the accounting treatment for property, plant, and equipment, including depreciation.

IAS 2 governs the treatment of inventory valuation, outlining how to measure and report inventory.

AS 26 deals with the accounting for intangible assets, which includes goodwill in partnership accounts.

IAS 2 is the accounting standard that deals specifically with the valuation of inventory.

Sole traders often follow simplified accounting principles rather than formal accounting standards like IFRS or GAAP.

Sole traders often follow simplified accounting principles and may not be strictly bound by IFRS or GAAP.

All of the mentioned standards (IFRS, GAAP, IAS) can be applicable depending on the jurisdiction.

AS-2 (Accounting Standard 2) deals with the valuation of inventories, which is relevant for cost sheet preparation.

All of these accounting standards provide guidelines for the preparation of financial statements.

International Financial Reporting Standards (IFRS) is primarily concerned with the presentation of financial statements and ensuring transparency and comparability.

IFRS 15 is the accounting standard that deals with the recognition of revenue from contracts with customers, including long-term projects.

GAAP (Generally Accepted Accounting Principles) is the accounting standard primarily used in the United States.

IAS 16 governs the accounting treatment of property, plant, and equipment, including depreciation.

IAS 16 provides guidance on the recognition and measurement of property, plant, and equipment, including depreciation.

IFRS requires companies to disclose their accounting policies in the financial statements.

Both IFRS and GAAP require companies to disclose their depreciation methods in the financial statements.

Both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) require consistency in financial reporting.

Both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) require revenue to be recognized when it is earned.

Accrual Basis Accounting requires revenue to be recognized when earned, aligning with the revenue recognition principle.

GAAP (Generally Accepted Accounting Principles) requires that companies consistently apply their chosen inventory valuation method to ensure comparability.