Is it mandatory to follow accounting standards? (2024)

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Overview of Financial Statements

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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.
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See Also
International Financial Reporting Standards The Role of Financial Reporting Management in Corporate Governance Financial Governance What Are the International Financial Reporting Standards & Why Are They Important?
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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