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Hello,
Since when the underlying assumptions for conceptual framework is only “Going concern”?
What happened to “Accrual accounting”?
Thank a lot!
Look at the thread called “Conceptual Framework” started by Frozen about twenty posts before yours
I saw that post as I did not really get my answer from it. Reading from my textbook, it said that only underlying assumption is going concern. But I was reading an old textbook and it said there are 2 assumptions (going concern and accruals). So I searched from the DP and ED, but could not find any answer.
This my post in reply to Frozen’s original query
“Here’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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