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Accounting standards and regulations should aim to state how all situations should be dealt with. Discuss.

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Accounting

Accounting standards and regulations should aim to state how allsituations should be dealt with. Discuss.

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SOLUTION Accounting Standards act as guiding and governing rules laying out the parameters and methods of how each and every aspect of every transaction ought to be recorded so as promote true and fair view of financial statements of entities alongside presentation and relevant disclosures so as to enhance the reliability of financial statements of such entities The purpose behind accounting standards issuance is majorly to enhance the transparency enhance reliability and easy comprehension of financial information by the users Various bodies are involved in    See Answer
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