What is the primary purpose of the set of rules or guidelines that accountants must follow?

The primary purpose of the set of rules or guidelines that accountants must follow is to ensure consistency in financial reporting. This consistency is crucial because it allows stakeholders, such as investors, creditors, and regulatory agencies, to easily compare financial statements across different periods and among various entities. When accountants adhere to established standards, like the International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles (GAAP), it promotes transparency and reliability in financial reporting.

This consistent approach helps in building trust in the financial information that businesses present, which in turn supports investment decisions and enhances the credibility of financial reporting. By following these guidelines, accountants can produce financial reports that accurately reflect a company's financial performance and position, thereby providing valuable information for various stakeholders.