Day: October 22, 2024

Accounting Concepts Bases and Policies Concepts/conventions/principles Accounting Concepts are broad basic assumptions that underlie the periodic financial accounts of business enterprises.  Examples of concepts include: The going concern concept The going concern concept Implies that the business will continue in operational existence for the foreseeable future, and that there is no intention to put the […]

ACCOUNTING THEORY International Accounting Standards and International Financial Reporting Standards The foreword to accounting standards defines Accounting Standards as Authoritative statements of how particular types of transaction and other events should be reflected in financial statements.  Accounting Standards are developed to achieve comparability of financial information between and among different organizations.  International Accounting Standards (IAS’s) […]