Basic Postulate: Consistency
The basic postulate of consistency, established in NIF A-2, refers to the need to uniformly apply the same accounting criteria, policies and procedures in the preparation of the financial statements of an entity over time. This...
Basic postulate: Economic duality
The basic postulate of economic duality, established in NIF A-2, is one of the fundamental principles of accounting. This postulate holds that each transaction or economic event has a double effect on the financial structure of the entity,...
Basic Postulate: Valuation
The basic valuation postulate, included in NIF A-2, establishes that all transactions and economic events that affect an entity must be quantified and expressed in monetary terms. This postulate ensures that the resources, obligations and...