Hi, I need help with essay on Pros and Cons of the Implementation of Accounting Standards. Paper must be at least 1250 words. Please, no plagiarized work!
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The question also arises as to whether or not the accounting standards are effectual in improving the quality of accounting information or these happen to be a waste of time and money.The other matter concerns with the need for standardization of accounting standards in Europe, or in other words, is standardization the best possible solution to implement accounting standards in Europe. Hence, this essay encompasses the discussion on advantages and disadvantages of accounting standards combined with a discourse on the effectiveness of standardization in Europe.Accounting standards are basically the set of policies and procedures that are commenced by a specific body responsible for standard setting. Apparently, as the name suggests, these standards are set out to direct the recognition, preparation, and demonstration of accounting and financial information in a company’s financial statements. Fogarty et al. (1994) describe accounting standards as the guidelines the purpose of which is to delineate a procedure to present transactions and outcomes in the company’s financial statements. …