Identify the accounting concept which state following: (1) All material and relevant facts concerning financial performance of an enterprise must be fully and completely disclosed.
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The principle of full disclosure requires that all material and relevant facts concerning financial performance of an enterprise must be fully and completely disclosed in the financial statements and their accompanying footnotes.
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Question:-
Identify the accounting concept which state following:- All material and relevant facts concerning financial performance of an enterprise must be fully and completely disclosed.
Answer:-
Materiality concept.
Accounting concepts are the fundamental ideas or basic assumptions underlying the theory and practice of financial accounting.
Materiality concept:-
This principle states that accounting should focus on material facts and ignoring insignificant details.
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