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Accounting standards refer to a set of written rules, principles, and guidelines issued by recognized accounting bodies to standardize the preparation and presentation of financial statements. These standards provide a common framework for recording, measuring, and reporting financial transactions of an enterprise so that financial information is prepared on a uniform and consistent basis. They act as authoritative statements that define the proper accounting treatment for various business transactions and events, ensuring that accounts reflect a true and fair view of the financial position and performance of an organization. Accounting standards are framed to reduce variations in accounting practices and to eliminate ambiguity in the application of accounting principles. The primary objective of accounting standards is to bring uniformity and consistency in accounting practices followed by different business _______ ___ _________ _______ ________ __________.
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