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Q: conceptual framework identifies an ” underlying assumption” in preparing financial statements. This is
1 . Going concern
2 . Materiality
3 . Substance over form
4 . AccrualsAnswer in bp exam kit is ( going concern) but notes tell us Accruals & going concern) are underlying assumptions. OT Notes chap 2 page 4.
pls assistHere’s an extract from an IFRS internet post, reference:
“Fundamental concepts
Underlying assumptions
35. The IASB framework contains two underlying assumptions: the accruals basis and the going concern basis.17 These assumptions receive less prominence in the FASB framework. For example, the going concern basis is mentioned in a footnote only.18”Make of that what you will!
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