Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 2 - Conceptual Framework for Financial Reporting - IFRS Insights - IFRS Concepts and Applications - Page 76: IFRS2-1

Answer

Accrual assumption: This essential premise implies transactions are documented in confirmed periods they transpired; these periods may be distinct from the periods when money is obtained. b. Going concern assumption: The prominent presumption hints that a company's endurance for the near future is confirmed.

Work Step by Step

Accrual assumption: This essential premise implies transactions are documented in confirmed periods they transpired; these periods may be distinct from the periods when money is obtained. b. Going concern assumption: The prominent presumption hints that a company's endurance for the near future is confirmed.
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