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what is it all about
Its about most of the things that you’re studying in FA…:)
Its consists of rules and regulations governing the treatment and disclosure of various items in our financial statements..For eg, some items require to be disclosed in the balance sheet, some only in I/S, and yet there are some that need to be disclosed via notes. These items are ‘material’, i.e. their non-disclosure may affect the economic decisions of the people interested in knowing them. So they ought to be disclosed…
Hope that’s clear..:)
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