Accounting Principles

Accounting Principle Overview 

Accounting principles are rules set by GAAP and IFRS, and followed globally. In India, statements adhere to principles by the Institute of Chartered Accountants of India and the Companies Act 2013. 

Why Accounting Principles? 

Accounting principles ensure accurate, consistent, and comparable financial statements. They help investors analyze a company's financial health and prevent accounting fraud. 

Key Accounting Principles 

• Accrual principle
• Conservatism principle
• Cost principle
• Consistency principle
• Going concern principle
• Matching principle
• Full disclosure principle
• Materiality principle
• Monetary unit principle
• Economic entity principle
• Revenue recognition principle
• Time period principle
• Reliability principle