Question

Discuss the advantages of accounting standards

Answer 1

hey .....
THEY FOSTER TRANSPARENCY...
advantage of using accounting standards involves the ease of understanding the financial statements . the accounting standards published by the FASB represent the required process for bussiness to follow .
THEY PROVIDE GUIDANCE...
THEY concerns the guidance provided to accountants .when financial reporting issues arises , the accountant may refer to the published accounting standards to determine how to record the event .these issues include new accounting transactions arising from technology , such as internet sales , or new actions incorporated by the company such as changes in pension plans .

hope it helps you..........