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what are the objectives of accounting standards??

Objectives of Accounting Standards:

1. To provide the set of rules on which accounts are maintained.

2. To promote greater uniformity and comparability of financial statements.

3. To enhance the reliability of financial statements.

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Some of these are

Recording of transaction in the chronological order

Ascertaining profit and loss made during an accounting period

Assessting financial position of business

Communicating the accounting information and financial results to various users

Locating,rectifying and preventing errors and frauds

Assessing and analysing the progess of the business by counducting inter-firm and intra-fien comparisons

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