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The standards that are taking such widespread importance today came into formation after the sixties so as to promote the integrity of the accounting profession through allowing uniform data to be presented by standardizing the way the books were kept. This enabled the boost in confidence regarding the financial data among the stakeholders and made them easy to comprehend, comparable with other companies’ data and reliable to the needs of the people involved.
Over time the importance of the standards in terms of allowing financial data to be presented in a particular way and its clout on investors has been realized by many parties. Thus the process of accounting standards setting by various bodies around the world has come under pressure from political lobbying. By allowing certain representations to be made in certain ways, company profitability can be shown to go up or investors can be made to behave in a particular way.