Question

What is the main objective of setting accounting standards ?

Answer 1

Answer:

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The objective of setting accounting standards is to bring uniformity in accounting practices and to ensure transparency, consistency and comparability.

Answer 2

Explanation:

Accounting Standards (AS) :

☑️ Account standard are basic policy documents.

Their main aim is to ensure transparency, reliability, consistency, and comparability of the financial statements. They do so by standardizing accounting policies and principles of a nation/economy.

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