The need for account standards specifically for the country’s profitable environment was also felt in India. Feting the need to harmonize the different account programs and practices in India and keeping in view the transnational developments in the field of account, the Council of Institute of Chartered Accountants of India (ICAI) constituted the Accounting standards Boards (ASB) in April, 1977. To regularize the different account programs and practices and with a view to exclude to the extent possible, the non community of Financial statements and to add trustability of Financial statements, Accounting standards are issued. The need of accounting standards was honored by The Institute of Chartered Accountants of India and thus, it constituted an Account Standards Board on 21st April 1977. The Board is continuously issuing account standards in various areas as applicable to business houses. At the same time, it also revises the being accounting standards as per the need of changing script. With the use of accounting standards, confusing variations in account treatment is reduced significantly. Also, there's certain important information which isn’t needed to be barred by law but Account standards impel it to be bared. Comparison of Financial statements of different companies is possible only because of accounting standards. In last 7- 8 Times the figures of accounting standards have increased significantly and consequently, it has also affected the medication of financial statements by the companies. There are significant changes in reporting formats of financial statements of Companies as well in exposure of programs. Thus this research is accepted to study in detail the development of Accounting standards and its impact on medication and reporting of financial statements of certain named diligence.

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Keywords: Financial Statement, Accounting Standards, Comparison, Accounting Policies, Practices.