ROLE OF ACCOUNTING STANDARDS IN CORPORATE REPORTING

Abstract

Abstract- Accounting standards play a crucial role in ensuring transparency, consistency, and reliability in corporate financial reporting. They provide a structured framework for preparing and presenting financial statements, enabling stakeholders such as investors, regulators, creditors, and management to make informed decisions. This paper examines the concept of accounting standards and highlights their significance, functions, and impact on corporate reporting. It also discusses challenges in implementation and their relevance in a globalized business environment.