What are Accounting standards? What is the need of issuing accounting standards?

Accounting standards are a set of principles, procedures, and guidelines that dictate how financial transactions should be recorded, reported, and presented in financial statements. These standards ensure consistency, comparability, transparency, and reliability in financial reporting across different organizations and industries. They help in maintaining uniformity in accounting practices, making it easier for stakeholders such as investors, creditors, regulators, and management to analyze and interpret financial information accurately.

Accounting standards are developed and issued by recognized regulatory bodies such as the Financial Accounting Standards Board (FASB) in the United States, _________ ___ _________ ___ _______ __________ ______ _______ _____.
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