An entity would be free to adopt any accounting treatment that it choose if not for regulatory framework.
The reasons include:
👉People external to business are normally dependent on the published financial statements for information about entity's activities.
👉Accounting standards and other forms of regulation help to ensure that entities adopt similar accounting treatment for similar items and account for similar transactions in the same way.
👉Without regulation, Management would adopt which ever accounting treatment presented its results and position in the best possible light.
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