Question: Accounting conventions are the broad basic assumptions which underlie the periodic preparation of financial statements. These are contained in IAS 1 Presentation of Financial Statements

Accounting conventions are the broad basic assumptions which underlie the periodic preparation of financial statements. These are contained in IAS 1 Presentation of Financial Statements and must be followed.

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State and explain all the conventions

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Accounting conventions also known as accounting principles or assumptions are the foundational guidelines that underlie the preparation of financial statements They provide a framework for recording a... View full answer

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