Question

Is it mandatory to follow accounting standards?

Answer 1

It is mandatory for companies to follow accounting standards as it ensures uniformity in the accounting process and also makes statements comparable with other organisations.

Also read:

• Difference Between Cash Basis and Accrual Basis of Accounting
• Accrual Basis of Accounting
• GAAP Generally Accepted Accounting Principles
• Applicability of IND AS
• Difference Between IFRS and IND AS
• Difference Between GAAP and IFRS

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