Question

Discuss in detail the importance of either a

general standard

standard of fieldwork or

standard of reporting

Answer 1

Standards of reporting are also known as Accounting standards.

Accounting Standards are employed as one of the main compulsory regulatory mechanisms for preparation of general-purpose financial reports and subsequent audit of the same, in almost all states of the globe.Accounting standards are concerned with the scheme of measurement and disclosure principles for the provision and demonstration of financial statements.They come out with a set of important statements of how particular types of proceedings, events and other costs should be known and reported in the financial statements.Accounting standards are devised to supply useful information to different users of the financial statements, to such as shareholders, creditors, lenders, management, investors, suppliers, competitors, researchers, regulatory bodies and social club at large and so alone.In fact, such assertions are planned and prescribed so as to improve & benchmark the quality of financial coverage.

The speedy development of international trade and internationalization of firms, the developments of new communication technologies, the issue of international competitive forces is perturbing the financial environment to a large extent.Under this global business scenario, the residents of the business community are badly in need of a common accounting language that should be uttered by all of them across the world.A financial reporting system of worldwide standard is a requirement for attracting foreign as well as present and prospective investors at home alike that should be achieved through harmonization of accounting standards

Operating a line of work is not simply to make profits, deposit money in the money box, paying employees, and lure more customers and clients. It is whether the commercial enterprise is booming or if the owner is simply investing in something that will not win them all. Accounting standards in the United States appear in the conformation of the generally accepted accounting principles, a set of measures, guidelines and operations that are used when accounting for the affairs of most governmental and non- governmental bodies.The reading of numbers and the wherewithal to put them in the proper context are at the essence of accountability.Measures exist to assure that accounting decisions are reached in a unified and reasonable manner.