Question

WhAt do you mean by accounting standard? Write down the benefits of accounting standard?

Answer 1

Answer:

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Explanation:

Accounting Standards provides rules for standard treatment and recording of transactions . They even have a standard format for financial statements . This are steps in achieving uniformity in accounting methods . 2] Improves Reliability of Financial Statements .

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Answer 2

Accounting Standards are a set of guidelines, i.e., Generally Accepted Accounting Principles, that are followed for preparation and presentation of Financial Statements.

Explanation:

Accounting Standards and its Benefits:

They are accounting rules and procedures relating to measurement, recognition, treatment, presentation and disclosure of accounting transactions in the financial statements issued by the Council of the Institute of Chartered Accountants of India.

Accounting Standards serves the following purposes:

• Accounting Standards provide the norms on the basis of which financial statements should be prepared.
• Accounting Standards removes the effect of diverse accounting practices to ensure uniformity in the preparation and presentation of financial statements.
• Accounting Standards create trust among the users of accounting information. Accounting information based on Accounting Standards is considered reliable by users of such information.
• Accounting Standards helps in auditing the accounts.