Regulation is viewed as an important device which motivates accountability and enables for the provision of a wide range and a greater amount of data in the corporate reports. The major objective of accounting regulation is to uphold comparability, consistency, and simplicity in the best interest of the users of financial reports and information. It is imperative that in the absence of accounting regulations, the financial statements may fail to convey the information that people may need to make informed decisions in an organization. Therefore, based on this the aim of accounting regulations is raising the quality of information that is conveyed in the financial reports. However, the present approach to accounting regulation is not sufficient because most people take it for granted and are not aware of the regulation. That said, it is imperative for the body in charge of the regulation in accounting to make sure that the standards are raised, and people understand what is expected.
Comparability is one of the significant qualities which accounting information must have, and it is described as a quality of accounting information that enhances the aspect of comparison of the financial reporting of one organization to the financial reporting of another organization. It is evident that accounting information is comparable when accounting standards and policies are used from one duration to another and also from one location to another. The principle of comparable is an appropriate objective for international accounting regulation because it allows one organization to measure and also evaluate the accounting process as used by other organization in a different location. The principle is commonly used in the process of auditing for an accountant to present a fact that is validly backed.
The terms ‘’but what is the full picture’’? There is no full picture. The phrase means that there is nothing that is complete that can be termed as full because in every situation there is always room for adjustments. It is imperative that an individual can think positively about a matter, but that does not guarantee a similar thought for the same fact. That said, this is because people always think and act from what is present or provided. Therefore, in regards to the accounting regulations, it is evident that not everyone will understand and apply the measures and standards provided to guide the accounting process. Thus, it is important to start something, and people will act on the matter.