0
Accounting Standards facilitate uniform preparation and repoting of general purpose financial statements published annually for the benefit of shareholders, creditors, employees and the public at large.The standards issued should be consistent with the provisions of law.Thus, they are very useful to the investors and other external groups in assessing the progress and prospects of alternative investments in different companies in different countries.Standards will help public accountant to deal with their clients by providing rules of authority to which the acoountants can appeal, in their task of preparing financial on a true and a fair basis.Accounting standards will rise the standards of audit itself in its task of reporting on the financial statements.
Wiki User
∙ 12y ago
Wiki User
∙ 10y agowhat are the advanteges of accountig standard
Add your answer:
Earn +20 pts
Advantages of historical cost accounting?
strength of historical cost accounting
What is meant by economic consequences in accounting standard-setting?
What is the Economic consequence of accounting standard-setting
Advantages of inflation accounting?
An advantage of inflation accounting, is that it can correct problems with inflation. The negative part about inflation accounting is that it is not fair value accounting.
What is the Importance of accounting principles to a financial analyst?
off-course it is requisite to know the accounting principles. For financial analyst it is necessary to know firstly GAAP analysis (generally accepted accounting principles).Where accounting standards ,rules and regulation are stated in accordance with the international accounting standard board. Obivously,we have numbers of accounting standards IAS and priciples on the basis of this financial analyst enable to make decision. In a nut shell, when we have accounting rules standards and a defined guideline it will be very convinient for financial analyst to make decision.
Advantages of using per capita income to measure standard of living?
One of the advantages of using per capita to measure a standard of living is that this gives you the average per person. In this way, one can still guess what the greater and lesser living expense is while still understanding the mean expense.
What are advantages and disadvantages of branch accounting?
advantages of branch accounting
What are Advantages of accounting for price level changes?
advantages of price level accounting
Indian accounting standard with international accounting standard?
Yes
What are advantages and disadvantage of harmonisation of international accounting standards?
what are advantages and disadvantages of harmonisation of accounting standards
What are advantages and disadvantages of having a uniform accounting standard globally?
One of the advantages of having a uniform accounting standard is knowing that you are comparing apples to apples if you were comparing two companies results. For example, if you were comparing a US company that used US GAAP and a company in India which used different accounting standards, you could not be sure that any comparisons would be based on the same methodology. With a uniform accounting standard, all companies would be required to value/measure and report their results the same way, therefore you could do a better comparison between the two companies.
Advantages of historical cost accounting?
strength of historical cost accounting
Advantages and disadvantages of cost accounting?
cost accounting advantage & disadvantage
What are theAdvantages of accounting information disclosure?
what are the advantages of accounting information disclosure?
Benefits of Conceptual framework in accounting?
advantages of conceptual framework in accounting
What is meant by economic consequences in accounting standard-setting?
What is the Economic consequence of accounting standard-setting
What is international account standard board?
The International Accounting Standards Board is a new accounting standard. Its purpose is to become the global standard of accounting. It has not been fully adopted yet.
What are the advantages of responsibility accounting?
responsibility
