Question

Discuss the need and utility of accounting standards

Answer 1

need of accounting standards :
to improve reliability and bring uniformity in accounting practices.

utility of accounting standards:
it improve the reliability and credibility of financial statements.
it ensures the consistency an comparability of financial statements.
it helps in resolving conflict of financial interests among various groups.
it significantly reduce the chances of manipulations and frauds.
helpful to auditors.

Answer 2

Discuss the needs and utility of accounting standards