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Accounting principles and concepts

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Learning objectives:

What are the principles and concepts that form the basis of major accounting standards such as US-GAAP and International Financial Reporting Standards (IFRS)?
What are the important qualitative characteristics of financial statements?
What are the benefits of adhering to these basic principles and concepts of accounting?

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Accrual concept of accounting

Dual aspect concept of accounting

Going concern concept

Matching principle of accounting

Business entity concept

Monetary unit assumption

Stable dollar value assumption

Time period assumption

Revenue recognition principle

Expense recognition principle

Materiality concept of accounting

Historical cost concept

Full disclosure principle of accounting

Consistency principle of accounting

Comparability concept of accounting

Understandability concept of accounting

Substance over form concept

Conservatism principle of accounting

Prudence concept of accounting

Qualitative characteristics of financial statements