Explain the utility of accounting standards
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Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accountingprinciples (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.
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Accounting Standards (AS) are basic policy documents. Their main aim is to ensure transparency, reliability, consistency, and comparability of the financial statements. They do so by standardizing accounting policies and principles of a nation/economy.
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