Explain the purpose of an accounting standard?

Accounting Standards are needed for the following purposes

1. For bringing uniformity in accounting methods

2. For improving the reliability of the financial statements

3. To simplify the accounting information

4. To prevent fraud and manipulations

5. To help auditors

As per the General point of view the purpose of accounting standards are:- to be a Common platform for doing the accounting transaction for uniformity. Reliability and Accuracy another purpose for reporting the financial statement to Management also the regulatory authorities like government and auditors also to prevent frauds and errors.

for dump people, "how to book the accounting transaction" and for smart people is just principle to follow for similar presentation across.