The document discusses accounting standards, including their meaning, definitions, contents, objectives, and need. Accounting standards are designed to harmonize diverse accounting policies and practices. They are issued by accounting bodies to prepare uniform and consistent financial statements and disclosures. The document outlines definitions of accounting standards from international and other bodies. It also lists the typical contents of accounting standards and their objectives like ensuring policies are adopted and financial statements are effective and useful. The final section discusses the need for accounting standards to improve financial statement relevance, reliability, and prevent misleading conclusions.

2. GROUP MEMBERS
1. Kunal
2. Ramkrishnan
3. Prateek
4. Prashant

3. MEANING OF ACCOUNTING STANDARDS
• Accounting standards are designed to harmonise diverse accounting policies and
practices.
• It is selected set of accounting policies or broad guidelines regarding the principles,
concepts and conventions issued by Institutes of Charted Accountants of India.
• Accounting standards are issued for the preparation of uniform and consistent
financial statements and also for other disclosures affecting the different users of
accounting information.
• “Accounting standards are written policies documents, which are issued by an
expert accounting body or Government or other regulatory body, covering the
aspects of recognition, measurements, accounting treatment, presentation of
disclosure of accounting transactions in financial statements.”

4. DEFINITIONS OF ACCOUNTING STANDARDS
• According to international accounting standard committee : The uniform definite
and universal accepted accounting rules developed by international accounting
standard committee (IASC) known as accounting standard.
• According to sir Kohler, “Accounting standards are mode of conduct imposed on
accountant and by custom, law and professional body.”

5. CONTENTS OF ACCOUNTING STANDARDS
1. A statement of the concepts and fundamental accounting principles defining to the
accounting standard.
2. Definition of the terms used in the Accounting standard.
3. The manner of applying accounting principles for formulating the accounting
standard.
4. The presentation of disclosure requirements in compying with accounting
standard.
5. Class of enterprises to which the accounting standard will apply.
6. Date from which the accounting standard will be affective.
7. Nature of accounting standard—recommendatory or mandatory.

6. OBJECTIVES OF ACCOUNTING STANDARDS
1. To ensure direct effect on the working results and financial position of a business.
2. To ensure all required significant policies to be adopted in the preparation and
presentation of financial statements.
3. To permit flexibility to make the necessary adjustments in preparation of
accounting records.
4. To make financial statement more effective, useful, relevant and meaningful.
5. To present the financial statement in reliable and comparable form.

7. NEED FOR ACCOUNTING STANDARDS
1. To improve relevancy, simplicity, credibility and reliability of financial.
2. To help in explaining the accounting terminology.
3. To remove the rigidity of accounting policies.
4. To present a logical view on controversial accounting practices.
5. To give scientific approach to disclosure and presentation of financial statement.
6. To prevent the users from reaching and misleading conclusions