Accounting practice is an extremely disciplinary practice that helps government’s entities, private corporations, and non-government organizations understand the economic viability of their operations through understanding, recording and interpretation of accounting processes. The practice of the accounting process is by the principle of going concern concept that assumes that business entities are artificial persons that will continue to operate their activities in the current and unforeseeable future.
A history is surrounding the FASB/IFRS statement, outlining why and how the report evolved.
Government and business entities are obligated to keep records of their accounting procedure and analyze them in a manner that all pertinent stakeholders may be able to interpret and understand. To enhance Continue reading...