Accounting standards are written , policy documents issued by expert accounting body or by Governmentor other regulatory authorities covering the aspects of recognition, measurement, treatment, presentation and disclosure of accounting transaction in the fi nancial statement. The main purpose of formulating accounting standard is to standardize the diverse accounting policies with a view to eliminate to the extent possible the incomparability of information provided in fi nancial statements and add reliability to such fi nancial statements. To discuss on whether such standards are necessary in present days it will be benefi cial to go through the advantages and disadvantages which they are said to provide.Thursday, March 10, 2011
Book: ADVANCED FINANCIAL ACCOUNTING & REPORTING
Accounting standards are written , policy documents issued by expert accounting body or by Governmentor other regulatory authorities covering the aspects of recognition, measurement, treatment, presentation and disclosure of accounting transaction in the fi nancial statement. The main purpose of formulating accounting standard is to standardize the diverse accounting policies with a view to eliminate to the extent possible the incomparability of information provided in fi nancial statements and add reliability to such fi nancial statements. To discuss on whether such standards are necessary in present days it will be benefi cial to go through the advantages and disadvantages which they are said to provide.
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