Accounting Standards are formulated with a view to harmonise different accounting POLICIES and PRACTICES in use in a country. The objective of Accounting Standards is, therefore, to reduce the accounting alternatives in the PREPARATION of financial statements within the bounds of rationality, there by ensuring COMPARABILITY of financial statements of different enterprises with a view to provide meaningful information to various users of financial statements to enable them to make informed economic decisions.ICAI issued a total of 33 accounting standards.

Accounting Standards are formulated with a view to harmonise different accounting policies and practices in use in a country. The objective of Accounting Standards is, therefore, to reduce the accounting alternatives in the preparation of financial statements within the bounds of rationality, there by ensuring comparability of financial statements of different enterprises with a view to provide meaningful information to various users of financial statements to enable them to make informed economic decisions.ICAI issued a total of 33 accounting standards.