Accounting Standards Types are the official rules and guidelines for financial reporting and statement preparation that must be adhered to by all companies. Essentially, they provide an essential framework for businesses to operate in a more transparent manner and help ensure that investors have confidence in the books of account. These standards allow for greater consistency between different companies’ statements, as well as easier comparison against competitors. Adhering to these standards also enables companies to be aware of the latest developments in their sector, allowing them to stay competitive. By following accounting standards types, businesses will have improved financial reporting and statement preparation – providing key insights into their business performance and long-term strategy.