Objective of Accounting Standard
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.
It reduce accounting alternative for preparing financial statement to maintain
Promote better understanding of financial statements.
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.
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