Accounting standards consist of a set of principles and governing practices for treatment of various financial transactions. The key objective of the accounting standards is to set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. These statements give information about performance, position and cash flow that is useful to a range of users in making financial decisions. The users of financial statements include present and potential investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies and the general public. They use financial statements in order to satisfy some of their different needs for information.