Abstract

Transparency and accountability hold paramount significance in upholding public trust and fostering the efficiency of capital markets. Enterprises that adhere to comprehensive reporting standards exhibit a propensity to furnish more intricate and precise financial information, thereby facilitating astute decision-making among stakeholders. Additionally, the potential hurdles confronted by companies in effectively implementing financial reporting standards. These challenges encompass the intricacy of the standards, the financial costs associated with compliance, and the requisite for professional expertise. The provision of ample resources, training, and support to assist companies in surmounting these challenges and fortifying their reporting practices." The researcher had considered people from finance department of different companies to know the role of financial reporting standards in enhancing transparency and accountability and found that financial reporting standards Facilitates comparison of dissimilar organizations across nations, enable investors and stakeholders to make well-informed decisions and furnish a careful overview of a company's performance and market positioning.

Description