Financial Standards

Framework for Preparation and Presentation of Financial Statements  Question 1.Briefly define the Fundamental Accounting Assumptions? (Nov 2017, 4 marks) [IPCC Gr. II]Answer:Fundamental Accounting AssumptionsAs per the Framework on Preparation and Presentation of Financial Statements, there are three fundamental accounting assumptions: Going Concern, Accrual Basis and Consistency. ECPGURGAON.COM  1. Going Concern Financial statements are normally prepared […]