Dear Experts, How can I evaluate the accounting policy for a specific firm? Is it for example by following a set of standards? Many thanks in advance Omar
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16 years ago
evaluating accounting policy
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16 years ago
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Primarily, the accounting policy must meet the needs of management, the owners and any other users of the resulting financial reports. Secondarily it must meet any requirements of regulators, laws, etc.
If necessary there are two or more sets of books, accounting, cost, tax, etc. They're not intended to mislead anyone, but to provide the types of information the users of the accounting data need to make informed decisions.
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16 years ago