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Advantages of Accounting Standards

  • By adoption the Accounting Standards confusing variations in the accounting treatment used to prepare financial statements is reduced
  • Accounting Standards describe the accounting principles, the valuation techniques and the method of applying accounting principle so as to ensure true and fair view
  • Where important information is not statutorily required, Accounting Standards calls for its disclosure
  • Accounting Standards facilitate comparison of financial statements of companies in the same industry situated in different parts of the world
  • Accounting Standards helps in resolving conflict of financial interest among various groups
  • Accounting Standards helps the auditors in case of preparation of financial statement and any deviaion can be disclosed in the reports so that the user is aware of such deviation.

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