Advantages of setting accounting standards, Accounting Basics

Advantages of setting Accounting Standards:

1. Setting of Accounting Standards will decrease the variations in the preparation of financial statements significantly.

2. Setting of Accounting principles and their application may require the firms to give information further than what is required by the law, thus benefiting the a variety of interested parties considerably

3. Setting of Accounting Standards make easy the inter-firm and intra-firm comparison of the reporting of accounting information.

Posted Date: 10/15/2012 5:19:33 AM | Location : United States

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