Accounting International Marketable Securities Standard

The accounting process is guided by several notions and fundamental premises known as the basic accounting assumptions. These basic accounting assumptions serve as solid bedrock of the bookkeeping and record keeping tasks of an accountant.

Accounting is a complex discipline. Thus, it’s important that accounting practitioners work with the understanding of the basic accounting assumptions. Needless to say, the basic accounting assumptions enhance the usefulness and effectiveness of financial statements – the end product of the accounting process.

The following is a detailed explanation of each of the five basic accounting assumptions namely accrual basis accounting, going concern assumptions, accounting entity principle, time period concept, and the monetary value/unit principle.

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