1. Convention of DisclosureThis convention requires that accounting statements should be honestly prepared and all significant information should be disclosed...

Accountants tend to specialize in various types of accounting work and this has resulted in the development of different branches...

(i) Assistance to management: The accounting information helps the management to plan its future activities by preparing budgets in respect of...

(i) Maintaining systematic records: Business transactions are properly recorded, classified under appropriate accounts and summarized into financial statements– income statement and...

(i) Accounting information is expressed in terms of money. Non-monetary events or transactions, however important they may be, are completely...

Financial accounting is primarily concerned with preparation of accounting information for the outsiders who do not have direct excess to...

The general acceptance of an accounting principle or practice depends on its capacity to meetthe criteria of relevance, objectivity and feasibility. An accounting principle...

Accounting standards codify the generally accepted accounting principles. They lay down the norms of accounting policies and practices by way...

The Accounting Standards Board determines the broad areas in which accounting standards are to be formulated and the priority which...

The following measures have been taken to propagate the accounting standards :(i) Information regarding the current status of the various...