Question

State and explain any one Underlying assumptions' under IND-AS? ​

Answer 1

Economic Entity Assumption

Explanation:

• An economic entity assumption is one of the assumptions assemble in generally accepted accounting principles.

• The "Economic entity assumption" states that the activities of the entity are to be kept break away the activities of its owner and all other economic entities.

• The economic entity assumption helps readers accomplish this objective.

• The economic entity assumption states that every entity or unit require to break away all others for accounting purposes.

• Examples of economic entities  are hospitals, companies, municipalities, and government agency .