The importance of time-period is immense while calculating the statements. The financial statements and their analysis will be appropriate only when the negative and positive aspects are reported with complete transparency and unbiasedness. The valuation of a company's assets should be based on the fact that the business will continue its operations in the coming years too. Any kind of assumptions or speculations must not guide them. The financial data and analysis should be based on facts and principles. This ensures a fair comparison with different years. The method of finding financial results must be consistent. Any updations in the principles of the statements should be disclosed. The same standards should be followed throughout to avoid any discrepancies. There should be consistency within the corresponding financial statements. He must not adopt any unfair practices for his benefit. The accountant must be sincere enough to provide an accurate and impartial picture of the company's financial statements. RegularityThe accountant must adhere to the gap rules and regulations while forming the financial statements regularly. The ten key accounting principles that make GAAP are
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