Objective of Accounting Standard

                  Objective of Accounting Standard

1. Main objective of accounting standards are harmonizing accounting policies and practice followed by different enterprises so that comparison of different enterprises can be done easily.

2. It reduce accounting alternative for preparing financial statement to maintain harmonization.

3. Promote better understanding of financial statements.

4. Enhances reliability of financial statements.

5. Understand significant accounting policies adopted and applied.

6. The main aim is to improve the reliability of financial statements. Now because the financial statements have to be made following the standards the users can rely on them. They know that not conforming to these standards can have serious consequences for the companies

7. Then there is comparability. Following these standards will allow for inter-firm and intra-firm comparisons. This allows us to check the progress of the firm and its position in the market.

8. It also looks to provide one set of accounting policies that include the necessary disclosure requirements and the valuation methods of various financial transactions.

Join COC Education, We provided best video classes for CA/CMA/CS/Class 11th & 12th/ B.com/M.com

Contact us on- 9999631597, 8448322142, 7303445575

Visit YouTube Channel  http://www.youtube.com/channel/UCzqqr31HSE-B4HcM1Cw4RiQ?sub_confirmation=1

Click Now for Demo Video https://www.coceducation.com/free-lectures

Join WhatsApp group for your domain course http://whatsapp.conceptonlineclasses.com/




Related Courses

Related Courses Latest Blogs

Why to choose career in "CMA" ?

The Reasons to Choose a Career in "CMA"

What Is Balance ScoreCard

What Is Balance ScoreCard A balanced scorecard is a strategic management performance metric used to identify and improve various internal business functions and their resulting external outcomes. Balanced scorecards are used to measure and provide feedback to organizations. #BalanceScoreCard

Top Reviews

Introduction to Statistics for CA Foundation

Introduction to Statistics for CA Foundation Business Mathematics, Logical Reasoning and Statistics is designed as per latest CA Foundation syllabus for Paper 3 to provide a firm grounding in the principles, techniques and practice. The book adopts self-study approach and has been written in student-friendly manner. With a blend of conceptual learning and problem-solving approach, it offers in-depth understanding of the basic mathematical and statistical tools. #introductiontostatistics

Chapter X of Companies Act 2013

Chapter X of Companies Act 2013 The company shall place the matter relating to such appointment for ratification by members at every annual general meeting. ... Under the Act, the provisions for rotation of auditors in the listed Company & certain other class of Companies, have been provided for. #chapterxofcompaniesact2013

Relevant sections under the Companies Act, 2013 dealing with fraud and false statements

Relevant sections under the Companies Act, 2013 dealing with fraud and false statements The new parent corporate law “The Companies Act 2013” is mostly ... I am limiting my write-up to the provisions to the Act, and I request the readers to refer relevant rules, if any, before ... in the 2013 Act is the Section 447 dealing with “Punishment for fraud”. ... Section 448

What is Corporate Image

What is Corporate Image A corporate identity or corporate image is the manner in which a corporation, firm or business enterprise presents itself to the public. The corporate identity is typically visualized by branding and with the use of trademarks, but it can also include things like product design, advertising, public relations etc #WhatisCorporateImage

What is Energy Audit

What is Energy Audit An energy audit is an inspection survey and an analysis of energy flows for energy conservation in a building. It may include a process or system to reduce the amount of energy input into the system without negatively affecting the output. #whatisenergyaudit