Benefits of Accounting Standards
Benefits of Accounting
Standards
Accounting
Standards are the ruling authority in the world of accounting. It makes sure
that the information provided to potential investors is not misleading in any
way. Let us take a look at the benefits of AS.
1) It reduces variation between different
enterprises for accounting treatment used to prepare financial statement.
2) Standards discloses all information even which are not required by law.
3) It helps in comparison of financial statement of companies situated in
different parts of countries or world.
4) Accounting
Standards provides rules for standard treatment and recording of transactions.
They even have a standard format for financial statements. These are steps in
achieving uniformity in accounting methods.
5) There are
many stakeholders of a company and they rely on the financial statements for their
information. Many of these stakeholders base their decisions on the data
provided by these financial statements. Then there are also potential investors
who make their investment decisions based on such financial statements.
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