Question
a. Briefly explain the following fundamental accounting concepts used in the preparation of financial statements in accordance with IAS 1 Presentation of financial statement
a. Briefly explain the following fundamental accounting concepts used in the preparation of financial statements in accordance with IAS 1 – Presentation of financial statement
i. Going concern
ii. Consistency of presentation
iii. Accrual
iv. Fair presentation
v. Substance over form
vi. Prudence
vii. Materiality
b. i. What is accounting standards?
ii. Explain the purpose of accounting standards
Step by Step Solution
There are 3 Steps involved in it
Step: 1
a i Going Concern concept assumes that a business will continue to operate for the years to come This principle ensures that the company will not be compelled to suspend activities and liquidate its h...
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Step: 2
Step: 3
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Principles Of Risk Management And Insurance
Authors: George E. Rejda, Michael McNamara
12th Edition
132992914, 978-0132992916
