ABSTRACT
In today's world entering in the global territory has become indispensable for the organizations. These days principle-based accounting standards have been recognized all over the globe. The economies that are industrialized are also maintaining and complying with principle-based accounting standards to maintain records for the general purpose financial statements. The accounting standards provide an overview about recording of the business transactions which can be introduced in accounting education to ensure effective utilization of resources and formulating economic decisions for business prosperity and growth. The overgrowing business conditions in the global and foreign financial markets have encouraged the need for accounting education to be incorporated with the implementation of a uniform set of accounting standards and this will generate the platform for the common language embraced by the entrepreneurs.
