What are the objectives of reporting standards?
Background: Lot of students from a commerce background faces a challenge in WHY and HOW to read an accounting standard or reporting standard under IFRS, IND AS or under any other GAAP (Generally Accepted Accounting Principles). Accounting standard or reporting standard is not a novel or a story which creates interest without relevance. One needs to understand the objective of reporting standards and which principles are enumerated in a reporting standard in order to have interest in the same. In this blog, with respect to a reporting standard, we will understand: Objectives of reading a reporting standard (Why to read a reporting standard?) Contents of a reporting standard Structure of the reporting standard under IFRS How to read it and interpret the same. In this blog, we will evaluate the first two aspects of the above points i.e., why to read a reporting standard and contents of the reporting standard. This will help us to understand the overall content of the reporting standard