The accounting principle that financial information for a company should be comparable with financial information for other similar companies, ensuring that stakeholders can make well-informed decisions.
A statement of theoretical principles that provides guidance for financial accounting and reporting. It serves as a foundation for setting accounting standards and provides a coherent system of interrelated objectives and fundamentals.
A document setting out the basic accounting concepts informing International Accounting Standards and International Financial Reporting Standards, serving as a guide in the preparation and presentation of financial statements.
The Framework for the Preparation and Presentation of Financial Statements, also known as the Conceptual Framework for Financial Reporting, provides the foundation for setting accounting standards and deciding how to resolve accounting issues.
The principle that financial information provided by a company should be free from bias, ensuring objectivity and reliability in financial reporting as defined by the International Accounting Standards Board (IASB).
The prudence concept is an accounting principle that mandates a realistic view of business activity, emphasizing the inclusion of anticipated revenues and profits in the profit and loss account only upon realization.
A detailed examination of key contributions by Professor David Solomons on the education, training, and standards of professional accounting.
A significant document issued by the Accounting Standards Board (ASB) intended to establish a conceptual framework for UK accounting standards, comprising seven key chapters and serving as the cornerstone for the Financial Reporting Standard Applicable in the UK and Republic of Ireland.
The Trueblood Report, prepared by a committee chaired by Robert M. Trueblood and published by the American Institute of Certified Public Accountants (AICPA) in 1971, aims to define the fundamental objectives of financial statements. The report was instrumental in shaping the Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Concepts No. 1.
The principle that the reliability (faithful representation) of the financial information provided by a company should be open to confirmation, i.e., that an independent person with a reasonable knowledge of accounting should be able to look at the same data and reach broadly similar conclusions. The International Accounting Standards Board's Conceptual Framework for Financial Reporting recognizes verifiability as a qualitative characteristic that enhances the usefulness of financial information.
