Question

If standards are not followed, the__________ has to make
a disclosure in the accounting report in case of failure.
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Answer 1

Answer:

genius

Explanation:

please Mark brainliest

Answer 2

Answer:

If standards are not followed, the Notes to accounts has to make a disclosure in the accounting report in case of failure.

Explanation:

As per accounting standard 1: disclosure of accounting policies, disclosure is necessary for the following:

1. If there is Change in Accounting policies.
2. Such change effects financial statements
3. Extent of effect should be quantified and reported
4. If effect cannot be quantified the same should be mentioned in notes to accounts forming part of financial statements.