540049_AS 1

Accounting Standard 1 (AS 1) deals with the disclosure of significant accounting policies followed in the preparation and presentation of financial statements. The objective of this standard is to ensure that all important accounting policies adopted by an enterprise are properly disclosed so that users of financial statements can understand how the financial statements have been prepared. It requires enterprises to disclose the accounting principles and methods used for items such as depreciation, inventory valuation, revenue recognition, and investments. The standard also emphasizes the fundamental accounting assumptions of going concern, consistency, and accrual, and states that if these assumptions are not followed, the fact must be disclosed in the financial statements.  This will help you give answers to various difficult question coming in exam and you will easily crack it and the understanding of the topic would increase. So I hope that this class will find you and hope a good review from your side