Question

Discus briefly above the disclosure of accounting policies as required under accounting stardard 1 issued by the character accountant of India​

Answer 1

Answer:

Certain assumptions are used in the preparation of financial statements. They are usually not specifically stated because they are assumed to be followed. Disclosure is necessary only if they are not followed.

The following have been generally accepted as fundamental accounting assumptions:

Going Concern

The organisation is normally viewed as a going concern, that is to say, it will be in continuing operations for the foreseeable future. It is assumed that the organisation has neither the intention, nor the necessity of shutting down or reducing the scale of operations.

Consistency

It is assumed that accounting policies are consistently followed from one period to another. No frequent changes are expected.

Accrual

Revenues and costs are recorded when they are earned or incurred (and not as money is received or paid) in the periods to which they relate.

Explanation:

The following are examples of areas in which different accounting policies may be adopted by organisations.

1. Methods of depreciation, depletion and amortisation
2. Treatment of expenditure during construction
3. Conversion or translation of foreign currency items
4. Valuation of inventories
5. Treatment of goodwill
6. Valuation of investments
7. Treatment of retirement benefits
8. Recognition of profit on long-term contracts
9. Valuation of fixed assets
10. Treatment of contingent liabilities
11. The above list of examples is not exhaustive.

Answer 2

Answer:

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