The Financial Information Standards (NIF) establish 8 basic postulates on which the accounting information system must operate.
Next, we detail the 8 basic postulates established in the FRS:
1.- Economic Substance
The FRS establish that: "The economic substance “The nature of the operation must prevail over its legal form.”
This is due to the fact that the legal or juridical form of an operation may have a different substance than its nature.
An example of the application of the principle of "economic substance" is at the time we receive an advance for the provision of a service, for legal purposes it must be treated as an income, however, the substance of this advance it is an obligation with our client to provide the service, so it is recognized as a liability until the service is provided.
2.- Economic entity
Financial reporting standards define “economic entityto”, What:
“That identifiable unit that carries out economic activities, made up of combinations of human, material and financial resources, conducted and managed by a single control center that makes decisions aimed at fulfilling the specific purposes for which it was created”
It is important to differentiate that the economic entity is independent of its proprietary shareholders or sponsors. That is, the assets and obligations of a shareholder should not be recognized in the legal person, since they are different entities.
3.- Business in progress
This Postulate establishes that it is assumed that the economic activity of an entity will continue foreseeably in the future, so the absence of express mention of going concern In financial reporting, it must be assumed that the entity is continuous.
4.- Accounting accrual
Transactions carried out by an entity must be recognized when they occur, regardless of when they are carried out for accounting purposes. That is, we must recognize income when it occurs, regardless of when it is collected by the entity. The above is in accordance with the postulate of accounting accrual.
5.- Association of costs and expenses with income
This postulate It tells us that income must be recognized in the accounting period in which it is accrued, so we must identify the costs and expenses incurred to generate said income and recognize them in the accounting records.
6.- Valuation
It establishes the two moments of valuation, the initial recognition of the economic value of a transaction, transformation or other events and a subsequent recognition, where the initial value can be modified or adjusted.
7.- Economic duality
The “economic duality” is defined by the NIF, as:
"The financial structure of an economic entity is made up of the resources available to achieve its goals by the sources to obtain said resources, whether their own or others."
Derived from the foregoing, the economic resources available to the entity are presented in the financial statements, on the one hand, and the sources of said resources, on the other. This is colloquially known as “every charge corresponds to a payment”.
This postulate It establishes that, when there are similar transactions in an entity, we must resort to using the same accounting treatment. We must select the accounting treatment that best reflects the substance of the transaction.
8.- 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 an entity's financial statements over time.
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