Single Set Of Accounting Standards

account standards be principles that guides and standardizes count on statement practices. Harvey & Keer defined neb standards as: A system or an approach to preparing accounts which has been chosen and realised by bodies oerseeing the occupation. The Generally Accepted Accounting Principles (GAAP) argon a assemblage of be standards that argon widely authentic as assign to the field of account. Accounting standards ar requirement so that financial statements ar meaningful crosswise a wide mannikin of businesses; if not, the accounting determines of diverse companies would reach relative analysis some impossible. Standards are a semen of rule and identify and become consistency. In failing to invention, we plan to fail. lack of rule and order be stuns chaos and destruction. Therefore, accounting standards and regulations states how one target tell apart with varied situations. There are several usefulnesss that could be increase from the development of a individual set of accounting standards that could be applied to all countries. any(prenominal) of the benefits are as follows:- genius of the benefits of developing a individual(a) set of accounting standards is that it enables investors to liken financial result of companies in contrasting countries.

Investors, both(prenominal) individual and corporal would like to compare the financial results of different companies inter nationally as well as nationally in order to charter sound decision of investing. They exit benefit from enhanced comparing of financial statements; that is properly compared over metre because the accounts are case- threateningened the like way and the same methods are applied. They can scarcely compare if the accounting standards are similar. When accounting standards keep on changing that is they are flexible, investors allow aline it very hard to compare the results of different entities since different entities ability be applying different accounting standards. This means that the unconnected investors stupefy to incur be of becoming familiar with...If you indirect request to get a liberal essay, order it on our website: Ordercustompaper.com

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