Discuss the salient features of accounting standard 1. describe
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The features of accounting standards are
1. It recognizes the financial events.
2. It measures the financial transactions.
3. Presentation of financial statements in a fair manner.
4. Disclosure requirement of companies to ensure stakeholders are not misinformed.
5. Improve the reliability of financial statements.
6. With comparability, it checks the progress of the firm and its position in the market.
7. Necessary disclosure requirements and the valuation methods of various financial transactions.
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