Question

Discuss any 3 benifits of issuing accounting standard in india

Answer 1

Answer:

The Advantages of Setting Accounting Standards are:

• Accounting standards provides the on which accounts should be prepared.
• Accounting standards eliminate or reduce the effect of diverse accounting policies and practices and make the financial statement more meaningful and comparable.
• Their main aim is to ensure transparency, reliability, consistency, and comparability of the financial statements.

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Answer 2

The benefits of accounting standards may be listed as follows:

(1) To Improve the Credibility and Reliability of Financial Statements:

(2) Benefits to Accountants and Auditors:

(3) Determining Managerial Accountability:

(4) Reform in Accounting Theory and Practice: