EITHER What are Accounting Standards? Explain the objectives of "Accounting Standards" in brief, also state the advantages of setting Accounting…

Accounting Standards are the written policy documents issued by Government relating to various aspects of measurement, treatment, presentation and disclosure of accounting transactions and events. Following are the objectives of Accounting Standards: Accounting Standards harmonize the diverse accounting policies and practices followed by different companies in India.Accounting Standards facilitates the preparation of financial statements and make them comparable.Accounting Standards give a sense of faith and reliability to the users. The main advantage of setting accounting standards are as follows: Accounting Standards makes the financial statements of different companies comparable which helps investors in decision making.Accounting Standards prevent any misleading accounting treatment.Accounting Standards prevent manipulation of data by the management.