International Organisation for Standardization

ISO (International Organisation for Standardization) standards are widely accepted as conformance to a given level of quality acceptable to the customers. It is because they are the result of ‘specific processes’ strictly followed by ISO in respect of standard setting for each product or service. For example, ISO 9000 standards stand for quality management systems. In defining the ‘due process’, a standard setting organization should keep in mind certain attributes of standards. What are they? The American Accounting Association (AAA, 1940) stated them as follows: Accounting standards should be systematic and coherent, impartial and impersonal, and in harmony with observable, objective conditions.


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