Components of a
Conceptual Framework of Accounting
BASIC POSTULATES OF ACCOUNTING
Separate Business Entity
Continuity (Going Concern)
Periodicity (Time Period)
Stable Monetary Unit
BROAD PRINCIPLES OF ACCOUNTING
Historical Cost
Matching
Revenue recognition
Expense recognition
Consistency
Objectivity
Full Disclosure
Exceptions
Materiality
Conservatism
Industry differences
Review Questions
Return to Contemporary Accounting Issues