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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 ____ _____ _____ _________ _______ ___ _______.
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