Key Accounting Principles Policies Practices - CA Sri Lanka

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CA BUSINESS SCHOOLEXECUTIVE DIPLOMA IN BUSINESS AND ACCOUNTING STRATEGYSEMESTER 1 : Financial Accounting and ReportingKeyAccounting Principles Policies PracticesM B G WIMALARATHNA[FCA, FCMA, MCIM, CPFA , FMAAT, MCPM] [FINALIST – ICAEW] [MBA–PIM/USJ]

IntroductionFinancial accounting function is mostly surrounds by rules/regulationsand customs which provide standard framework to compile financialstatements. Key accounting concepts/principles and policies aredepend on the respective country’s jurisdiction but mostly in line withthe IFRS/accounting standards requirements.Accounting ConceptsRules and regulations of accounting that should be ments.Accrual/Consistency/Going Concern and Prudent concepts are beingtreated as fundamental accounting concepts while below are alsoused in preparation of financial ostBasis/AccountingPeriod/Full Disclosure/Money Measurement/Objectivity/AccountingEquation

Accounting PrinciplesGenerally Accepted Accounting Principles (GAAP) are the standardframework of guidelines for financial accounting/preparation offinancial statements which has strong tight with the commonaccounting practices along with the accounting standards.Accounting principles are same as accounting concepts whichdiscussed earlier.Accounting PoliciesAccounting polices are based on the GAAP and in line with theaccounting standards which are tailor-made to the particularorganization’s requirement.Accounting policies are required to practice in consistent mannerbetween the financial period except the change/amend is moreprudent to provide true and fair view.

Fair presentationFaithful presentation of the effects of transactions, other events andconditions in accordance with the determinants and recognitioncriteria for assets, liabilities, income & expenses set out inframework/LKASs. Going concernFinancial statements should prepare on a going concern basis unlessmanagement either intends liquidate the entity or to cease tradingor has no realistic alternative but to do so. Accrual basisIncome and expenses should recorded in the particular financialperiod irrespective whether they paid/received by cash providedthose are relevant to such financial period. OffsettingAn entity shall not offset assets and liabilities and/or income andexpenses unless required or permitted by the accounting standard.

Frequency of reportingAn entity shall prepare/present a complete set of financialstatements (including comparatives) at least annually. Comparative informationAn entity shall disclose comparative information with respect to theprevious period for all amounts reported in the current period’sfinancial statements. Consistency of presentationAn entity shall retain the consistency of presentation andclassification of items in the financial statements from one period tothe next. Identification of financial statementsAn entity shall clearly identify the financial statements anddistinguish them from other information in the same publisheddocument.

liciesAccountingStandardsPreparation of Financial Statements

Accounting Principles Generally Accepted Accounting Principles (GAAP) are the standard framework of guidelines for financial accounting/preparation of financial statements which has strong tight with the common accounting practices along with the accounting standards. Accounting principles are same as accounting concepts which discussed earlier.

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