Question

accounting standards have been evolved to improve the reliability and credibility of financial statements accounting standards provide the solution in case of conflicts among the various groups in the light of this statement enumerate the objectives of accounting standards ​

Answer 1

Answer:

Explanation:The primary objective of accounting standard is to harmonize the different accounting policies.This statement means that accounting standards are the conflict resolver in any case of accounts.To state the reliability and credibility of financial statements,the accounting standards have been improve and they provide a standard for the diverse accounting policies and principles.

They provide standards that are transparent to users and define the standards which are comparable over a period of time thus ensuring their reliability.They also facilitate inter and intra-firm comparisons and contains high quality information to generate financial reports which clearly sustains its credibility.

Answer 2

The primary objective of accounting standard is to harmonize the different accounting policies.This statement means that accounting standards are the conflict resolver in any case of accounts.To state the reliability and credibility of financial statements,the accounting standards have been improve and they provide a standard for the diverse accounting policies and principles.