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Hi Mike!
Could you please explain what is an accounting policy?
The definition provided by the IAS does not seem to be helpful.Thanks.
Accounting concepts – examples include materiality, comparability …..
Accounting policy – example would be “To write off the cost of assets against profits over their estimated useful lives”
Accounting base – example would be “To depreciate at the rate of 25% on the reducing balance basis”
OK?
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