Difference between accounting concepts and conventions
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Accounting concepts and conventions are a set of standard methodologies, guidelines and procedures when preparing financial statements, thereby ensure that accounting information is prepared in a manner which is consistent, true, fair and accurate.
Accounting concepts refer to a set of principles set in place which ensures that accounting information is presented in a true and fair manner. There are a number of concepts that have been established as standard accounting principles.
Accounting concepts have been created by professional organizations and may also be backed by law and governing bodies as standard principles that must be followed in the preparation of financial statements.
Accounting conventions are a set of practices that generally are accepted and followed by accountants.
Accounting conventions are accepted to be the norm and are not recorded or written down in a formal manner by professional bodies or governing organizations.
Accounting concepts refer to a set of principles set in place which ensures that accounting information is presented in a true and fair manner. There are a number of concepts that have been established as standard accounting principles.
Accounting concepts have been created by professional organizations and may also be backed by law and governing bodies as standard principles that must be followed in the preparation of financial statements.
Accounting conventions are a set of practices that generally are accepted and followed by accountants.
Accounting conventions are accepted to be the norm and are not recorded or written down in a formal manner by professional bodies or governing organizations.
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