Question

Recent develoment in accounting

Answer 1

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Answer 2

Explanation:

Recent developments in accounting and accounting standards

 Meaning of Accounting Standards

Accounting Standards are the guidelines laid down by the expert accounting

body as to how business transactions are to be recorded in the books of accounts

and the manner in which business transactions are to be exhibited in the

financial statements

Meaning of Social Responsibility Accounting

It is also known as social accounting or social and environmental accounting.it

is a normal accounting of social responsibilities met by the organization. It is

concerned with measuring and disclosing the cost and benefits to the society as

a result of operating activities of a business enterprise.

1. Briefly explain the need/ significance of international accounting standards?

 Standardise the diverse accounting policies and practices

 Eliminating the non-comparability of financial statements to the extent

possible

 Ensuring reliability of financial statements

 A standard must provide a generally understood and accepted measure of the

phenomena of concern

 A standard should significantly reduce the amount of manipulation of the

reported numbers that is likely to occur in the absence

 They lay down uniform accounting policies and practices that should be

followed by all business organizations, in respect of particular transaction

 It enables easy comparability of financial statements of various business

organization as uniform accounting standards Board are more accurate and

more reliable

 As accounting standards are formulated and issued by the ape expert

accounting body in the country, they are very scientific and rational

 They increase and improve the credibility and reliability of the accounting

information

 They curb the unlimited flexibility in the adoption of accounting policies and

practices

 The financial statements prepared as per Accounting Standards would be

useful to investors in judging the yield and risk involved in alternative

investments in different companies.

hope it will be helpful for you .