CA Final Download the best Free CA FINAL android app for cracking your exam! Download Now
They are the best ca final faculties in India. They have produced many toppers & rank holders. Their video classes are available only here -

Accounting standards Benefits limitations


Accounting standards Benefits limitations

Accounting standards Benefits limitations:

Accounting standards seek to describe the accounting principles, the valuation techniques and the methods of applying the accounting principles in the preparation and presentation of financial statements so that they may give a true and fair view. By setting the accounting standards the accountant has following benefits:

(i) Standards reduce to a reasonable extent or eliminate altogether confusing variations inthe accounting treatments used to prepare financial statements.

(ii) There are certain areas where important information are not statutorily required to bedisclosed. Standards may call for disclosure beyond that required by law.

Watch video lectures on accounting standard for Nov 2015 Exam

images 2

CA Final Group 1 – Accounting Standards by Bala S D

images 2

CA FINAL Group 1 Accounting Standards by CA Israr Shaik


images 2

CA Final – Financial Reporting & Accounting Standard by CA M K Jain

images 2

CA FINAL Group 1 Financial Reporting by CA Rahul Malkan

Accounting standards Benefits limitations

(iii) The application of accounting standards would, to a limited extent, facilitate comparison of financial statements of companies situated in different parts of the world and also of different companies situated in the same country. However, it should be noted in this respect that differences in the institutions, traditions and legal systems from one country to another give rise to differences in accounting standards adopted in different countries.

Best recommended books for accountancy at CAKART click here

However, there are some limitations of setting of accounting standards:

(i) Alternative solutions to certain accounting problems may each have arguments torecommend them. Therefore, the choice between different alternative accounting treatments may become difficult.

(ii) There may be a trend towards rigidity and away from flexibility in applying the accounting standards.

(iii) Accounting standards cannot override the statute. The standards are required to be framed within the ambit of prevailing statutes.

The need for accounting standards specifically suitable for the country’s economic environment was also felt in India. Recognising the need to harmonise the diverse accounting policies and practices in India and keeping in view the international developments in the field of accounting, the Council of the Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977.

The composition of ASB is broad based to ensure due representation and the participation of all those who are interested in the formulation and implementation of these standards.

Accounting standards Benefits limitations


At CAKART www.cakart.inyou will get everything that you  need to be successful in your CA CS CMA exam – India’s best faculty  video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit and chat with our  counsellors any time.

Along with Accounting standards Benefits limitations article , You must read other articles for ca final Exam

The articles below will help you with everything you will need to register for the CA final  Exam with exam dates, admit card and result.

CA Final online Registration

CA Final syllabus new course

Download CA final admit card

CA Final exam time table

CA Final Result ICAI

Along with this Accounting standards Benefits limitations, get latest updated study material for ca final upcoming exam

Accounting standards Benefits limitations :  The main advantage of the study material is to provide help to the students to get knowledge and skills in the particular subject. Most of this study material are providing free of cost. Click on the links below to access.

CA Final Video lectures DVD free download

CA Final books online

CA Final question paper

CA Final scanner

CA Final Study material for may 2018

CA final Notes

Mock Test paper ca final

CA Final RTP

CA Final Study Plan

CA Final Coaching Classes in Hyderabad

Accounting standards Benefits limitations : You can also refer accounting related other articles for ca final.

CA Final Accounting Standards

CA Final Accounting Handwritten Notes

CA Final Accounting Standards Notes

Leave a comment

Your email address will not be published. Required fields are marked *