Question

accounting standards are mandatory for​

Answer 1

Explanation:

Corporate entities are required to follow accounting standards while preparing its financial statements as per Section 129 of the Companies Act, 2013 and as discussed above, non-corporate entities are also required to comply Accounting standards if they want to get their accounts attested from the member of institute

Answer 2

Question:-

Accounting standards are mandatory for

ANSWER:-

Accounting standards are mandatory for all organisations or companies in India.

EXPLANATION:-

• Accounting standards are the detailed set of laws and regulations that is involved in the accounting process.

• Accounting standards generally provide a strategy and procedure for adequate accounting of different types of transactions.

• It helps to improve the clarity, understanding, dependability and similarities of financial statements. Therefore all companies or organisations need to follow these standards.

• It is mandatory to be followed by all organisations because it ensures accounting uniformly.

• Accounting standards are mandatory for all organisation because it helps to compare the financial statements of a company with other companies.

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