What are the objectives and scope of all the accounting standards?

Expert Solution

Standards are set to define a particular way of doing a thing deviation from which will produce bad resuts..The objectives of all accounting standards is to ensure transparency in accounts as there is no chace of personal judgement and manipulation of acounts , comparability as it would become easier for all the stakeholders to compare financial data of different companies in order to make an informed choice and aslo relability as the stakeholders can rely on the data by different companies as it is based on standards

The scope of all accounting standards is limited to the material information and also within the laws and regulations of a particular country. As the countries are different so there might be certain differences which the law or regulations specify and they have to be prioritised. So the Institute of each country has dicretion in certain matters which limit the scope of these accounting standards to an extent.

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