Question

Provide in a paragraph your opinion on the need for international standards. This is your opinion

Answer 1

As you asked me to provide my opinion on the international standards, i m giving an opinion regarding what I feel about international standards .

In general as we all know standard is something which says how a certain thing should be done.

We have many standards regarding various issues such as Accounting standards, Costing standards, Quality standards etc in which each one plays a key role for the maintenance of perfection and clarity regarding their respective field.

As such we have for example Indian Accounting Standards, US Accounting Standards etc where they are set up by the highest body of their country which frames them in order to maintain uniformity of reporting throughout the country and till few years ago it was sufficient because, the scale of operations ate limited to local boundaries by that time.

From few years say few decades, we are going for global operations because of various reasons such as expansion, development of trade practices etc and while doing so, we cannot apply or implement the standards of one particular country in that situation because there exists various differences among the counties in matters relating to reporting, recognizing etc.

In order to overcome the various limitations, problems, and barriers in international trade they gave rise to the concept of international standards where, a uniformity is maintained by all the nations , imposed by these standards regarding the specific issues, which were earlier seen as barriers or obstacles in international trade.

With successful implementation of these standards in many field's, international trade has become simplified and thus giving the scope for interested nations to take active part in it.

As far as my knowledge is concerned, this is my view regarding need for International Standards.