CS Foundation : Accounting Policies & Fundamental Accounting Assumptions

Accounting Policies & Fundamental Accounting Assumptions

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An interesting topic from Fundamental Accounting and Auditing – ‘Accounting Policies’ is discussed below:

Accounting Policies

They ensure that the transactions have been recorded properly by the enterprise while preparing financial statements.

An accounting policy once selected is applied consistently. However, an entity can change the accounting policy if certain conditions are satisfied.

There is no single list of accounting policies that can be applied to all the circumstances. The entity can choose its own accounting policy. The choice of the appropriate accounting principles needs proper analysis and judgment by the management of the enterprise.

There are certain accounting assumptions that are followed while preparing financial statements. A disclosure is required when they are not followed.

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