The C Series of Financial Reporting Standards (FRS) focuses on standards related to specific financial statement concepts. Each of the FRSs within this series addresses technical and detailed aspects of how certain financial statements should be presented.
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...
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,...
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...
The association of costs and expenses with income is one of the basic postulates established in NIF A-2. This postulate establishes that costs and expenses must be recognized in the same period in which the income to which they are associated is recognized....
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