Question

What do you mean by Indian accounting standards discussthe main objectives advantages and limitations

Answer 1

Explanation:

Objective of Accounting Standards defined by ICAI

To put an end to the non-comparability of financial statements. To increase the reliability of the financial statements. To provide standards which are transparent for users. ... For the eradication the huge amount of variation in the treatment of accounting standards.

One of the biggest limitations of accounting is that it cannot measure things/events that do not have a monetary value. If a certain factor, no matter how important, cannot be expressed in money it finds no place in accounting