Applicability of Accounting Standards / Concepts and Principles
This query is : Resolved
10 August 2023
Whilst Accounting Standards may not be mandatory in the case of individual professionals (or are they?) can the same be said for the fundamental accounting concepts / principles which form the basis of drafting many such Accounting Standards? So can somebody say that concepts/principles like matching, going concern for instance may not be followed by an individual professional?
11 August 2023
Concepts/principles like matching, going concern mostly be followed by an individual professional.
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