Accounting standards were principally formulated to render translucency in operations and support better exposure so that reporting is accurate and probative to right decision making. Account concepts, principles and practices evolved with these objects. As a matter of fact, accounting standards are further than a frame; they’re analogous in nature to laws. Accounting standards are also important in resolving the conflicts between groups of different interests. Accounting standards serve as an important medium in resolving the disagreeing interests. Accounting standards command credibility among various groups of different interests. They seek to insure that the users of financial statements get believable information about the organisation. In malignancy of this, there have been multitudinous cases of commercial frauds where investors were deceived of crores of rupees, levies were finessed and misappropriation accepted. All this called for reforms in the standards so as to make it more telling and tone- regulating. These reforms called for emendations in affiliated laws. This needs proper understanding in terms of whether account is aligned to materiality, translucency, full exposure and support for operations. How effective are Accounting standards in conducting translucency through exposure and correctness in reporting are examined from a commercial perspective. The financial Statements of corporates (Profit and Loss Account & Balance distance) were to be made transparent and effective in terms of functional support for the business and decision support for the stakeholders. The current study examines the reforms in terms of accounting standards grounded on the views of Chartered Accountants, Cost Accountants and Company registers. Being professionals, the experimenter analyses their perspectives on effectiveness in reforming Accounting standards. This makes the study applicable.

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Keywords: Accounting, Standards, Stakeholders, Transparency, Information, Effectiveness, Reforms, Standards.