Answer
This viewpoint is defective and unprofessional. Permitting companies to defy universally-applied accounting standards would make it impossible to compare financial statements. An entity's financial reports should be analogous to those of other entities. The attribute of comparability contributes to the credibility of such financial reports.
Investors should be entitled to access financial reports without incurring undeserved costs.
Work Step by Step
Applying accounting standards is instrumental in compiling coherent, straightforward financial reports that are comprehensive and comparable.
