Define accounting standard

An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. These are written statements specifying uniform rules and practices for preparing the financial statement. 

 The objectives of an accounting standard are. 

• To guarantee evenness in the development and display of financial statements.
• To provide data to the users about the policies used in the formation of a financial statement
• To eliminate the effect of diverse accounting policies and practices.
• To guarantee uniformity, clarity, and comparability of financial statement
• To enhance the safety and   of financial statement