The accounting profession has attempted to develop a set of standards that is generally accepted and universally
Fantastic news! We've Found the answer you've been seeking!
Question:
The accounting profession has attempted to develop a set of standards that is generally accepted and universally practiced. Without this set of standards, each company would have to develop its own standards. Readers of financial statements would have to familiarize themselves with every company's peculiar accounting and reporting practices. As a result, it would be almost impossible to prepare statements that could be compared.
Explain the need for accounting standards. Discuss the needs for accounting standards and major policy-setting bodies and their role in the standard setting process (06 Marks)
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date: