Clarification

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Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2011 Hi Experts,
What is acccounting policy and accounting principle?is there is any difference?what is the signification of accounting policy and accounting principle?
pls tel me example of accounting policy and accounting principle?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 January 2011 Accounting policy is the base for accouting a transaction in a particular Company like a Methods of depreciation, depletion and amortisation
Treatment of expenditure during construction
Conversion or translation of foreign currency items
Valuation of inventories
Treatment of goodwill
Valuation of investments
Treatment of retirement benefits
Recognition of profit on long-term contracts
Valuation of fixed assets
Treatment of contingent liabilities.
Accounting principles are the basic for accouting a particular transaction like
1.Accural
2.Consistency
3.Going concern
4.Materiality
5 Dual aspect
6. Conservatism
7. Reliability & etc

Siginificant accounting policy is accounting policy which deviate the basic accounting principles Accural, Going concern,Consistency

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