Significance of accounting standards, Accounting Basics

Significance of Accounting Standards:

Setting of Standards is an effort to standardize the reporting of accounting information across the country and also transversely the globe. The increasing number of scams (ex : Enron) requires the subsistence of accounting standards.   The acceptance and application of accounting standards ensure consistency, comparability and qualitative development in the preparation and arrangement of financial statements.

Posted Date: 10/15/2012 5:18:43 AM | Location : United States

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