Question

mention need and applicability of accounting standard​

Answer 1

Answer:

Accounting standards ensure the financial statements from multiple companies are comparable. Because all entities follow the same rules, accounting standards make the financial statements credible and allow for more economic decisions based on accurate and consistent information.

Answer 2

Answer:

Corporate entities are required to follow accounting standards while preparing its financial statements as per Section 129 of the Companies Act, 2013 and as discussed above, non-corporate entities are also required to comply Accounting standards if they want to get their accounts attested from the member of institute