The correct answer is: C. Harmonize diversified accounting practices.
Accounting standards are a set of rules that companies must follow when preparing their financial statements. They are designed to ensure that financial statements are accurate, reliable, and comparable.
There are many different accounting standards in the world, and they can vary significantly from country to country. This can make it difficult for investors and other users of financial statements to compare the performance of companies from different countries.
Accounting standards are designed to harmonize accounting practices across different countries. This makes it easier for investors and other users of financial statements to compare the performance of companies from different countries.
Accounting standards also help to ensure that financial statements are accurate, reliable, and comparable. This is important for investors and other users of financial statements, as it allows them to make informed decisions about where to invest their money.
The main objective of accounting standards is to harmonize diversified accounting practices. This is done by providing a set of rules that companies must follow when preparing their financial statements. These rules are designed to ensure that financial statements are accurate, reliable, and comparable.
Option A is incorrect because the main objective of accounting standards is not to prepare the accounting reports easily understood by the common man. While it is important for financial statements to be understandable, this is not the primary objective of accounting standards.
Option B is incorrect because the main objective of accounting standards is not to comply with the legal formalities. While it is important for financial statements to comply with the law, this is not the primary objective of accounting standards.
Option D is incorrect because the main objective of accounting standards is not to comply with the requirements of the International Accounting Standards (IAS). While the IAS are a set of accounting standards, they are not the only set of accounting standards that exist.