Question

Write short notes on Importance of Accounting Standards.

Answer 1

Hey Mate!

Accounting Standards serve the following purposes:

1. Accounting Standards provide the norms on the basis of which financial statements should be prepared.

2. Accounting Standards ensure uniformity in the preparation of financial statements.

3. Accounting Standards create a sense of confidence among the users of accounting information.

4. it facilates meaningful comparison.

5. it is the financing reliability of financial information.

6. it promotes better understanding of financial information.

7. it minimises the diverse Accounting policies n practices.

Hope it helps u...

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