Page 11 - IC46 addendum

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c. Accounting standards ensures transparency,
consistency and compatibility.

d. Accounting standards are issued by ICWAI.
e. All are correct.

8. Which of the statements are not correct?
a. The main objective of setting accounting

standard is to promote the propagation and
dissemination of appropriate and useful
financial information to investors.
b. Accounting standards reduce the possibility
of difference in methods, potatoes,
perspectives and terminology in preparation
of financial statements.
c. Accounting standards provide framework and
standard accounting policies so that financial
statements of different enterprises becomes
incomparable.
d. Indian has two sets of accounting standards
i.e. existing accounting standards under the
companies rules 2006 and IFRS converged
Indian standards which are named are
numbered in same way as corresponding
IFRS.
e. Accounting standards helps in recognition of

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