Accounting principles include all these features like transparency, consistancy and comparability.

Accounting principles and policies refer to the guidelines and rules that govern the preparation and presentation of financial statements. These principles and policies ensure that financial information is accurate, consistent, and comparable. Standardizing accounting principles and policies helps achieve transparency, consistency, and comparability in financial reporting.


Transparency in financial reporting means that the information provided in the financial statements is clear, accurate, and easily understood by users. Standardizing accounting principles and policies ensures that financial statements are prepared in a consistent manner, making it easier for users to analyze and interpret the information. This promotes transparency and enhances the credibility of the financial statements.


Consistency in financial reporting means that accounting methods and practices are consistently applied from one period to another. Standardizing accounting principles and policies ensures that the same accounting methods and practices are followed consistently across different entities and industries. This allows for meaningful comparisons of financial information over time, enabling users to assess the financial performance and position of an entity accurately.


Comparability in financial reporting means that financial statements can be compared between different entities or industries. When accounting principles and policies are standardized, financial statements prepared by different entities can be compared more effectively. This is important for investors, creditors, and other stakeholders who rely on financial information to make informed decisions. Standardization enables users to identify similarities and differences in financial performance and position, facilitating meaningful comparisons.


Standardizing accounting principles and policies achieves transparency, consistency, and comparability in financial reporting. Transparency ensures that financial information is clear and easily understood, consistency ensures that accounting methods are consistently applied, and comparability allows for meaningful comparisons between entities. By achieving all three, standardization enhances the usefulness and reliability of financial statements, providing users with valuable information for decision-making purposes. Therefore, the correct answer is option 'D', all of the above.