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Define accounting standard |
| Answer» An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries.\xa0These are written statements specifying uniform rules and practices for preparing the financial statement.\xa0\xa0The objectives of an accounting standard are.\xa0\tTo guarantee evenness in the development and display of financial statements.\tTo provide data to the users about the policies used in the formation of a financial statement\tTo eliminate the effect of diverse accounting policies and practices.\tTo guarantee uniformity, clarity, and comparability of financial statement\tTo enhance the safety and of financial statement | |