{"id":231036,"date":"2025-10-17T20:34:28","date_gmt":"2025-10-17T15:04:28","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=231036"},"modified":"2025-10-17T20:34:33","modified_gmt":"2025-10-17T15:04:33","slug":"accounting-standards","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/","title":{"rendered":"Accounting Standards: Meaning, Objectives, List &amp; Importance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/#What_are_Accounting_Standards\" >What are Accounting Standards?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/#Objectives_of_Accounting_Standards\" >Objectives of Accounting Standards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/#Need_for_Accounting_Standards\" >Need for Accounting Standards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/#Accounting_Standards_in_India\" >Accounting Standards in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/#Classification_of_Accounting_Standards_in_India\" >Classification of Accounting Standards in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/#List_of_Accounting_Standards_AS_Issued_by_ICAI\" >List of Accounting Standards (AS) Issued by ICAI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/#Indian_Accounting_Standards_Ind_AS\" >Indian Accounting Standards (Ind AS)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/#Differences_Between_AS_and_Ind_AS\" >Differences Between AS and Ind AS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/#Importance_of_Accounting_Standards\" >Importance of Accounting Standards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Accounting Standards are the rules, principles, and guidelines that govern how financial statements should be prepared and presented. They ensure consistency, comparability, and transparency in financial reporting across different organizations.<\/p>\n\n\n\n<p>By prescribing the method of recording, measuring, and disclosing financial transactions, accounting standards enhance the credibility of financial statements and help stakeholders make informed decisions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-accounting-standards\"><span class=\"ez-toc-section\" id=\"What_are_Accounting_Standards\"><\/span>What are Accounting Standards?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Accounting Standards are written policies issued by recognized professional bodies or regulatory authorities that define the framework for financial reporting. They specify how certain types of transactions and events should be recognized, measured, and disclosed in the books of accounts. These standards bring uniformity and reliability to accounting practices across industries and entities.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/www.oliveboard.in\/upsc-epfo-eo\/?ref=conttm-aib&amp;next=https:\/\/u1.oliveboard.in\/exams\/lessons\/obnotesplus\/?c=epfoeon&amp;testid=\" target=\"_blank\" rel=\"noreferrer noopener\">get UPSC EPFO Notes for exam preparation<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-objectives-of-accounting-standards\"><span class=\"ez-toc-section\" id=\"Objectives_of_Accounting_Standards\"><\/span>Objectives of Accounting Standards<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before listing the objectives, it\u2019s important to understand why standards are needed&nbsp; mainly to eliminate ambiguity and maintain comparability in financial reporting.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Objective<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Uniformity in Accounting<\/td><td>Ensures consistent methods are used by all organizations.<\/td><\/tr><tr><td>Comparability<\/td><td>Enables stakeholders to compare financial statements across periods and entities.<\/td><\/tr><tr><td>Transparency<\/td><td>Promotes clear and fair presentation of financial data.<\/td><\/tr><tr><td>Reliability<\/td><td>Builds trust by reducing manipulation and subjectivity.<\/td><\/tr><tr><td>Legal Compliance<\/td><td>Helps companies comply with statutory and regulatory requirements.<\/td><\/tr><tr><td>Investor Confidence<\/td><td>Strengthens stakeholder faith in reported financial information.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-need-for-accounting-standards\"><span class=\"ez-toc-section\" id=\"Need_for_Accounting_Standards\"><\/span>Need for Accounting Standards<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Accounting Standards are necessary to remove inconsistencies that arise due to varied accounting treatments. Key reasons for their need include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To ensure uniformity in financial reporting.<\/li>\n\n\n\n<li>To prevent misuse or manipulation of accounting policies.<\/li>\n\n\n\n<li>To increase comparability between different enterprises.<\/li>\n\n\n\n<li>To protect the interests of investors, creditors, and regulators.<\/li>\n\n\n\n<li>To enhance the quality and credibility of financial statements.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/upsc-epfo-apfc\/?ref=conttm-aib\" target=\"_blank\" rel=\"noreferrer noopener\">enrol in UPSC EPFO APFC Online coaching<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-accounting-standards-in-india\"><span class=\"ez-toc-section\" id=\"Accounting_Standards_in_India\"><\/span>Accounting Standards in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In India, Accounting Standards (AS) are formulated and issued by the Institute of Chartered Accountants of India (ICAI) under the authority of the Companies Act, 2013.<\/p>\n\n\n\n<p>The implementation of Accounting Standards in India is supervised by the Ministry of Corporate Affairs (MCA) and is mandatory for certain classes of companies depending on their size and listing status.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-classification-of-accounting-standards-in-india\"><span class=\"ez-toc-section\" id=\"Classification_of_Accounting_Standards_in_India\"><\/span>Classification of Accounting Standards in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before examining individual standards, note that accounting standards in India are classified under two frameworks \u2014 traditional Accounting Standards (AS) and Indian Accounting Standards (Ind AS), which are converged with International Financial Reporting Standards (IFRS).<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Type<\/strong><\/td><td><strong>Governing Body<\/strong><\/td><td><strong>Applicable To<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Accounting Standards (AS)<\/td><td>ICAI<\/td><td>Non-corporate and small entities<\/td><td>Older Indian GAAP-based standards.<\/td><\/tr><tr><td>Indian Accounting Standards (Ind AS)<\/td><td>MCA (based on IFRS)<\/td><td>Large and listed companies<\/td><td>Globally converged, modern reporting standards.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-list-of-accounting-standards-as-issued-by-icai\"><span class=\"ez-toc-section\" id=\"List_of_Accounting_Standards_AS_Issued_by_ICAI\"><\/span>List of Accounting Standards (AS) Issued by ICAI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To ensure systematic financial reporting, ICAI has issued a number of Accounting Standards.<br>Below is a summarized list of major standards:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>AS No.<\/strong><\/td><td><strong>Title<\/strong><\/td><td><strong>Key Focus Area<\/strong><\/td><\/tr><tr><td>AS 1<\/td><td>Disclosure of Accounting Policies<\/td><td>Consistency and transparency in accounting policies.<\/td><\/tr><tr><td>AS 2<\/td><td>Valuation of Inventories<\/td><td>Method of valuing closing stock.<\/td><\/tr><tr><td>AS 3<\/td><td>Cash Flow Statements<\/td><td>Reporting cash inflows and outflows.<\/td><\/tr><tr><td>AS 4<\/td><td>Contingencies and Events after Balance Sheet Date<\/td><td>Accounting for post-balance-sheet events.<\/td><\/tr><tr><td>AS 5<\/td><td>Net Profit or Loss for the Period, Prior Period Items, and Changes in Accounting Policies<\/td><td>Treatment of extraordinary and prior period items.<\/td><\/tr><tr><td>AS 6<\/td><td>Depreciation Accounting (merged with AS 10)<\/td><td>Methods and disclosure of depreciation.<\/td><\/tr><tr><td>AS 9<\/td><td>Revenue Recognition<\/td><td>Timing of recognizing revenue.<\/td><\/tr><tr><td>AS 10<\/td><td>Property, Plant, and Equipment<\/td><td>Accounting for fixed assets.<\/td><\/tr><tr><td>AS 11<\/td><td>The Effects of Changes in Foreign Exchange Rates<\/td><td>Treatment of foreign currency transactions.<\/td><\/tr><tr><td>AS 12<\/td><td>Government Grants<\/td><td>Recognition and disclosure of grants\/subsidies.<\/td><\/tr><tr><td>AS 13<\/td><td>Accounting for Investments<\/td><td>Valuation and classification of investments.<\/td><\/tr><tr><td>AS 16<\/td><td>Borrowing Costs<\/td><td>Capitalization of interest on borrowed funds.<\/td><\/tr><tr><td>AS 17<\/td><td>Segment Reporting<\/td><td>Reporting performance of business segments.<\/td><\/tr><tr><td>AS 18<\/td><td>Related Party Disclosures<\/td><td>Transactions between related parties.<\/td><\/tr><tr><td>AS 22<\/td><td>Accounting for Taxes on Income<\/td><td>Deferred tax recognition.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/upsc-epfo-eo\/?ref=conttm-aib&amp;next=https:\/\/u1.oliveboard.in\/exams\/?c=epfoeo&amp;i=epfoeo#mtestdata\" target=\"_blank\" rel=\"noreferrer noopener\">attempt UPSC EPFO APFC + EO\/AO Mock tests<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-indian-accounting-standards-ind-as\"><span class=\"ez-toc-section\" id=\"Indian_Accounting_Standards_Ind_AS\"><\/span>Indian Accounting Standards (Ind AS)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Ind AS framework was introduced to bring Indian financial reporting in line with International Financial Reporting Standards (IFRS).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Based on principle-based approach similar to IFRS.<\/li>\n\n\n\n<li>Ensures global comparability of financial statements.<\/li>\n\n\n\n<li>Mandatory for listed and large unlisted companies in India.<\/li>\n\n\n\n<li>Enhances investor confidence in Indian companies.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/www.oliveboard.in\/upsc-epfo-eo\/?ref=conttm-aib&amp;next=https:\/\/u1.oliveboard.in\/exams\/?c=epfoeosec&amp;i=epfoeo\" target=\"_blank\" rel=\"noreferrer noopener\">Attempt Sectional mock tests for UPSC EPFO APFC + EO\/AO<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-differences-between-as-and-ind-as\"><span class=\"ez-toc-section\" id=\"Differences_Between_AS_and_Ind_AS\"><\/span>Differences Between AS and Ind AS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before moving to importance, it\u2019s useful to understand how traditional AS differs from Ind AS.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Basis<\/strong><\/td><td><strong>Accounting Standards (AS)<\/strong><\/td><td><strong>Indian Accounting Standards (Ind AS)<\/strong><\/td><\/tr><tr><td>Approach<\/td><td>Rule-based<\/td><td>Principle-based<\/td><\/tr><tr><td>Objective<\/td><td>Domestic compliance<\/td><td>Global convergence<\/td><\/tr><tr><td>Applicability<\/td><td>SMEs, private firms<\/td><td>Listed and large companies<\/td><\/tr><tr><td>Focus<\/td><td>Historical cost-based<\/td><td>Fair value-based<\/td><\/tr><tr><td>Presentation<\/td><td>Less disclosure required<\/td><td>Detailed and transparent disclosure<\/td><\/tr><tr><td>Global Recognition<\/td><td>Limited<\/td><td>High (IFRS aligned)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-importance-of-accounting-standards\"><span class=\"ez-toc-section\" id=\"Importance_of_Accounting_Standards\"><\/span>Importance of Accounting Standards<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Accounting Standards serve as the backbone of financial reporting. They ensure fairness, clarity, and trust in the financial information presented to stakeholders.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Promotes accuracy and reliability in accounts.<\/li>\n\n\n\n<li>Enables comparative analysis of companies.<\/li>\n\n\n\n<li>Ensures compliance with statutory requirements.<\/li>\n\n\n\n<li>Enhances corporate governance and transparency.<\/li>\n\n\n\n<li>Reduces fraud and manipulation in reporting.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-advantages-of-accounting-standards\"><strong>Advantages of Accounting Standards<\/strong><\/h3>\n\n\n\n<p>The benefits of accounting standards are:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Advantage<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Uniformity<\/td><td>Brings consistency in accounting practices.<\/td><\/tr><tr><td>Comparability<\/td><td>Facilitates analysis across periods and companies.<\/td><\/tr><tr><td>Credibility<\/td><td>Builds confidence among investors and stakeholders.<\/td><\/tr><tr><td>Transparency<\/td><td>Improves clarity in disclosures.<\/td><\/tr><tr><td>Compliance<\/td><td>Ensures adherence to laws and audit standards.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-limitations-of-accounting-standards\">Limitations of Accounting Standards<\/h3>\n\n\n\n<p>While beneficial, accounting standards also have certain limitations.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Limitation<\/strong><\/td><td><strong>Explanation<\/strong><\/td><\/tr><tr><td>Rigidity<\/td><td>May not suit all business situations.<\/td><\/tr><tr><td>Complexity<\/td><td>Ind AS and IFRS can be difficult to implement.<\/td><\/tr><tr><td>Frequent Changes<\/td><td>Amendments require continuous adaptation.<\/td><\/tr><tr><td>Professional Judgment<\/td><td>Interpretation can vary among accountants.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Q1. What are Accounting Standards?<\/strong><br>They are written guidelines that ensure consistency and uniformity in financial reporting.<\/p>\n\n\n\n<p><strong>Q2. Who issues Accounting Standards in India?<\/strong><br>The Institute of Chartered Accountants of India (ICAI) issues them under the authority of the Companies Act, 2013.<\/p>\n\n\n\n<p><strong>Q3. What is the difference between AS and Ind AS?<\/strong><br>AS are Indian GAAP-based standards, while Ind AS are IFRS-converged standards.<\/p>\n\n\n\n<p><strong>Q4. Why are Accounting Standards important?<\/strong><br>They bring uniformity, reliability, and transparency to financial reporting.<\/p>\n\n\n\n<p><strong>Q5. Are Accounting Standards mandatory?<\/strong><br>Yes, for companies governed under the Companies Act and for entities covered under the Ind AS roadmap.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/upsc-epfo-exam-analysis-2025\/\">UPSC EPFO Exam Analysis 2025, 30th November, Difficulty Level &amp; Good Attempts<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/upsc-epfo-admit-card\/\">UPSC EPFO Admit Card 2025 Out, APFC &amp; EO\/AO Hall Ticket Link<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/industrial-relations-and-labour-laws-notes-upsc-epfo-eo\/\">Industrial Relations &#038; Labour Laws Notes for UPSC EPFO 2025, Free PDF<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/upsc-epfo-air-1s-journey-strategy\/\">UPSC EPFO Topper&#8217;s Strategy, AIR 1&#8217;s Journery and Success Story<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/upsc-epfo-posting\/\">UPSC EPFO Posting for EO\/AO &amp; APFC: Transfers &amp; Growth<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/upsc-epfo-exam-date-2025-out\/\">UPSC EPFO Exam Date 2025, Admit Card Link for 230 Posts<\/a><\/li>\n<\/ul>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Accounting Standards are the rules, principles, and guidelines that govern how financial statements should be prepared and presented. They ensure<\/p>\n","protected":false},"author":60,"featured_media":231038,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,10210,62,10321],"tags":[16663,11528],"class_list":["post-231036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-epfo","category-government-exams","category-upsc-epfo","tag-accounting-standards","tag-upsc-epfo","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Accounting Standards: Meaning, Objectives, List &amp; Importance<\/title>\n<meta name=\"description\" content=\"Understand the significance of Accounting Standards for consistent and transparent financial reporting across organizations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/accounting-standards\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Accounting Standards: Meaning, Objectives, List &amp; Importance\" \/>\n<meta property=\"og:description\" content=\"Accounting Standards are the rules, principles, and guidelines that govern how financial statements should be prepared and presented. 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