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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › underlying assumption
The Conceptual Framework identifies which of the following as an underlying assumption in preparing financial statements.
Going concern
materiality
Substance over form
Accruals
Why the correct answer is not substance over form. Why the correct answer is correct
Because substance over form is not one of the underlying assumptions. What do you believe the underlying assumption to be?
Are qualitative characteristics such as substance over form not underlying assumptions
What are the underlying assumptions