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Accounting standards ensures that financial statements are prepared whereever in the world is same and information provided on it is comaprable and readable for all kind of users.

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Why are accounting standards important for the preparation of financial statements?

For comparability.


What si accounting standard?

Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements.


What has the author L Todd Johnson written?

L. Todd Johnson has written: 'Recognition in Financial Statements' -- subject(s): Financial statements, Realization (Accounting) 'Reporting financial performance' -- subject(s): Financial statements, Accounting, Standards


What are GAAP Financial statements?

Generally Accepted Accounting Principles. These are a framework of guidelines for financial accounting. The GAAP in each country differs and the standards are shaped by the relevant country company law and governed by an accounting standards board.


What has the author Richard Macve written?

Richard Macve has written: 'A conceptual framework for financial accounting and reporting' -- subject(s): Accounting, Standards, Financial statements


What has the author Venita M Wood written?

Venita M. Wood has written: 'Auditing governmental financial statements' -- subject(s): Accounting, Auditing, Financial Accounting Foundation, Financial Accounting Foundation. Governmental Accounting Standards Board, Local finance, Public Finance, Standards, States


Is the financial accounting standards advisory board the same as the federal accounting standards board?

The Financial Accounting Standards Board (FASB) is a private organization (within the Financial Accounting Foundation) that issues financial accounting and reporting standards for nongovernmental entities.


What has the author Alfred Wagenhofer written?

Alfred Wagenhofer has written: 'Internationale Rechnungslegungsstandards--IAS/IFRS' -- subject(s): Accounting, Financial statements, Standards 'Informationspolitik im Jahresabschluss' -- subject(s): Disclosure in accounting, Financial statements


What are importance of footnotes?

The footnotes to the financial statements should describe the earnings impact of any changes in accounting policy, or changes in estimates (Financial Accounting Standards Board Statement No. 154)


What term is used to refer to creating one set of financial accounting standards throughout the world?

The term used to refer to creating one set of financial accounting standards throughout the world is "International Financial Reporting Standards" (IFRS). These standards aim to provide a common accounting language for businesses and organizations globally, enhancing transparency and comparability of financial statements across different countries. The International Accounting Standards Board (IASB) is responsible for developing and maintaining IFRS.


When was Financial Accounting Standards Board created?

Financial Accounting Standards Board was created in 1973.


What has the author Phil Barden written?

Phil Barden has written: 'iGAAP 2012' -- subject(s): Accounting, Standards, Financial statements