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A report on

THE STRUCTURE OF
ACCOUNTING THEORY

Submitted to:
Professor Dr. Suman Das (Adjunct)
Department of Accounting
Notre Dame University Bangladesh

Submitted by:
1412152 – Mickey Mathew D.Costa
1412141 – Hasan Jubaier
1412166 – MD.Imranul Haque
1412153 – Bonney Rebeiro
1412161 – Ashish Rebeiro
Letter of Transmittal
August 3, 2017

Professor Dr. Suman Das,


Department of Accounting,
Notre Dame University Bangladesh

Subject: Letter of Transmittal

Dear Sir,

With due respect we would like to state that we have reported on “The structure of Accounting
Theory” under the course: “Accounting Theory”.

We are requesting you to check our report thoroughly. We would be highly grateful if you kindly
go through our report.

Your consideration of our proposal is greatly appreciated.

Sincerely yours,

Mickey Mathew D.Costa


On behalf of the Group Cyan
Accounting (Major)

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Acknowledgement
First of all, we would like to express my deepest gratitude to our respected Mr. Suman Datta sir,
for providing us the opportunity to do the report on “Accounting Theory”
We sincerely thank all the people who helped us in acquiring information for this report. Especially
to our classmates for all their support. Without their help, this report would be incomplete.
We would also like to thank my parents, brother, all friends and enemies who suggested us,
encouraged and discouraged us which enriched our knowledge and helped us as wells as gave us
strength in completing this report. Writing a report is not an easy task, but we would like to give
thanks to all these people who have helped us in every way. All their words and ideas resulted in
this report. So, we would like to give thanks to all of them from the bottom of our heart those who
made this report possible.

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Table of Contents

1. INTRODUCTION 1

1.1 ACCOUNTING THEORY 1

2. ELEMENTS OF THE STRUCTURE OF ACCOUNTING THEORY 1

3. THE ACCOUNTING POSTULATES 2

3.1 ENTITY POSTULATES 3


3.2 GOING CONCERN POSTULATES 4
3.3 MONETARY UNIT POSTULATE 4
3.4 ACCOUNTING PERIOD POSTULATE 5

4. THE THEORETICAL CONCEPTS OF ACCOUNTING 5

4.1 THE PROPRIETY THEORY 5


4.2 THE ENTITY THEORY 6
4.3 THE RESIDUAL EQUITY THEORY 7
4.4 THE ENTERPRISE THEORY 7
4.5 THE FUND THEORY 7

5. BASIC ACCOUNTING PRINCIPLES 8

5.1 THE REVENUE PRINCIPLE 8


5.2 THE COST PRINCIPLE 8
5.3 THE MATCHING PRINCIPLE 9
5.4 THE OBJECTIVITY PRINCIPLE 9
5.5 THE FULL DISCLOSURE PRINCIPLE 9

6. THE EXCEPTION OR MODIFYING PRINCIPLES 10

6.1 COST –BENEFIT 10


6.2 MATERIALITY 10
6.3 CONSISTENCY 11
6.4 CONSERVATISM 11

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6.5 TIMELINESS 11
6.6 INDUSTRY PRACTICE 12

7. CONCLUSION 12

8. REFERENCES 13

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Abstract
The underlying purpose and theory of financial accounting and reporting is that financial
accounting information, should provide information that is useful for making business and
economic decisions. So, accounting theory and accounting practices are absolutely closely related.
In recent times, we see various accounting theories developed based on the needs of different
categories of users. Many more theories are yet to be developed because some theories are new
and still under infancy stage. Being an accounting student it is imperative that we should have idea
about what elements are taken into consideration while developing new theories or what are the
drivers in our existing theories that we use still now. This report goes through the core four
elements that are used as the basis for our existing theory. No matter what a theorist or accountant
use, these four elements are at the heart of accounting procedure. Without these elements,
everything we do will make no sense and accounting will no longer be able to serve its main
purpose; which is to provide useful information for sound decision-making.

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1. Introduction
1.1 Accounting Theory
Accounting theory is a set of interrelated concepts and definition that provides a systematic view
of a phenomenon by stating relationship among variables in order to explain and predicting the
phenomena. It serves as a guideline. As economic and social environments are rapidly changing
day by day accountants are faced with numerous new problems. This situation created the need to
develop a baseline for accounting, the term which we now regard as accounting theory. Accounting
theory, after development although provided a guidance to the accountants for accounting practice
and recordings, accounting at present, is not a matter for the accountants only. Various types of
people are now the users of accounting information. Even people, who are not even distantly
affected by the organization’s actions. As a result, careful presentation of the accounting
information started to get attention as well as the careful formulation of the accounting theory.
At present time, we see that there is no single perfect accounting theory, that can completely make
sense out of economic events. As a result, there are a lot of theories. All of them vary based on
who are the users of accounting information or who is given preference or even what data are being
used in preparation of financial information. All of these factors provide a baseline in structuring
accounting theory.

2. Elements of the structure of Accounting Theory


Elements of the structure of accounting theory differ in terms of methods used and assumptions
but there exists some consensus in essential elements which acts as the foundation for accounting
theory formulation. Even though different methods and principles are used in theory formulation,
the final structure will have more or less the same elements on which consensus are based upon.
These elements are:

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Objectives

Techniques
A statement of A statement of A body of

Postulates

Principles
the postulates the basic accounting
A statement of and theoretical accounting techniques.
the objectives concepts of principles. These These are
of financial accounting. are based on derived from
Statement These derive theoretical accounting
from objectives. concepts. principles.

Here every element derived from previous one. The most important factor here is the formulation
of objectives. Because, every element depends on its construction. The total process will fail if
formulation is wrong. Accounting theory can be made effective only in a framework where
objectives are meet perfectly.
We will discuss Environmental postulates, Theoretical concepts and Principles in brief.

3. The Accounting Postulates


An accounting postulate is a key assumption that underlies the practice of accounting. It consists
of basic assumptions regarding the economic, political and sociological environment under which
accounting will function. It is a fundamental assumption in the field of accounting. It can also be
tagged as the foundation stones of the discipline of accounting and it is well agreed upon by all the
accounts and accounting authorities.
A postulate is derived from common historical practice, and is incorporated into the more formal
accounting standards that govern how accounting transactions are recorded and presented.
Examples of accounting postulates are:
 The transactions of a business are to be kept separate from those of its owners.
 A monetary unit which is widely used should be used in recording financial transactions in
order to maintain comparability

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There are four types of accounting postulates. These are:

Entity Postulates

Going Concern Postulates

Monetary Unit Postulates

Accounting Period Postulates

3.1 Entity Postulates


This postulates states that, all the activities of the business enterprise is considered to be separate
and distinct from its owners. The personal activities of the owners are not to be included in the
accounting measurement of business activities. Attention in financial accounting is focused on the
economic activities of individual business enterprises. As a result, business transactions involving
costs and revenue is expressed in terms of the changes in the firm’s financial conditions. Likewise,
the assets and liabilities devoted to business activities are entity assets and liabilities.
According to this postulate, the transactions of the enterprise are to be reported rather than the
transaction of the enterprise’s owners. This enables the accountant to distinguish between personal
and business transactions. Also, as the company has a distinct identity from its owners, it is viewed
as an economic and legal unit. The business owns the resources of the company and are therefore
liable to claims from both shareholders and other stakeholders i.e. creditors.
There are two approaches to entity theory are:
i. The firm-oriented approach
ii. The user-oriented approach
In the firm-oriented approach, an accounting entity is considered to be as the economic unit
responsible for the economic activities and administrative control of the business unit. It is a rather
narrower approach.

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In the user-oriented approach the interests of the users are given more priority than the economic
activities and administrative control of the business unit. Here, the interested individual or group
is determined at first. Then the nature of their needs is determined.
The user-oriented approach is considered to be more broader than firm-oriented approach. Because
as its main concern is users, in order to serve the needs of the users, the accounting entity may
even go as far as including information of corporate social performance, reporting accounting
policies and financial forecasts. This attempts are made to meet the informational needs of the
potential and present users of accounting information.

3.2 Going Concern Postulates


Going concern postulates states that the business entity will be able to continue operating for an
unlimited period of time that is sufficient to carry out its commitments, obligations, objectives,
and so on. In other words, the company will not have to liquidate or be forced out of business in
the near future. It is also the the ‘continuity postulate’.
On the basis of this postulate, financial statements are prepared. Also, the entity realizes its assets
and settle its obligations in the normal course of the business. Another importance of this postulate
is that, without the going concern assumption, companies wouldn't have the ability to prepay or
accrue expenses or revenue. Another most significant contributions of the going concern is in the
area of assets. The entire concept of depreciating and amortizing assets is based on the idea that
businesses will continue to operate well into the future. Assets are also reported on the balance
sheet at historical costs because of the going concern assumption. Also, without this assumption
no outside parties would enter into long-term contracts with the company for supplying funds and
goods.

3.3 Monetary unit postulate


Money Measurement Concept in accounting, also known as Measurability Concept, means that
only transactions and events that are capable of being measured in monetary terms are recognized
in the financial statements. As a result, All transactions and events recorded in the financial
statements must be reduced to a unit of monetary currency. Where it is not possible to assign a
reliable monetary value to a transaction or event, it shall not be recorded in the financial statements.
Money is considered to be the language of accounting. Accounting focuses on the flows of
resources into and out of organization in terms of money. In order to maintain an uniformity and
comparability in financial information the monetary unit (dollar) was chosen as a common
denominator. Money measurement concept holds that accounting is a measurement and
communication process of the activities of the firm that are measurable in monetary terms.
But this postulate has a major flaw in i. Accounting is limited in producing information expressed
in monetary terms. Which means, not all information can be expressed in terms of money as a
result, accounting fails to deliver the complete picture of business condition.

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3.4 Accounting Period Postulate
The time period assumption states that the life of a business should be divided into equal time
periods. These time periods usually ranges from monthly, quarterly, to even annually. These are
known as accounting periods for which companies prepare their financial statements to be used by
various internal and external parties. Usually this time period is generally considered one year and
at the interval of each, for the sake of comparability and uniformity.
The time period assumption enables business organizations to stop and see how successful they
have been in achieving their objectives during a particular period of time and where the room for
improvement exists. Although businesses intend to continue in long-term, it is always helpful to
account for their performance and position based on certain time periods. This in turn, provides
timely feedback and helps in making timely decisions.
Under time period assumption, we prepare financial statements quarterly, half-yearly or annually.
The income statement provides us an insight into the performance of the company for a period of
time. The balance sheet (the statement of financial position) provides us a snapshot of the business'
financial position (assets, liabilities and equity) at the end of the time period. The statement of cash
flows and the statement of changes in equity provide detail of how the company's financial position
changed during the time period.
One drawback of the time period assumption is that we have to make estimates and judgments at
the end of the time period to correctly decide which events need to be reported in the current time
period and which ones in the next.

4. The Theoretical Concepts of Accounting


The theoretical concepts of accounting, are statements of axioms that depict the nature of entities
operating in a free economy. The nature of the entity and the interest in the entity may classified
according to the proprietary theory, the entity theory, the residual theory, the enterprise theory and
the fund theory. These are also called theories explaining equity.

4.1 The Propriety Theory


The proprietary theory seeks to explain the content and measurement principles underlying the
financial statements by placing the owner of the enterprise in the centre of the accounting universe.
All observations are made from this viewpoint; the accountant sees only what the proprietor
wished to see, and values objects according to his interest.’’ Assets are things owned; liabilities
are debts owned; expenses are decreases in proprietorship and revenues are increases. Net income
in the change in owners’ equity during a given period. The proprietorship is considered as the net
value of the business to the owners, and follows the following accounting equations:
Assets – Liabilities = Owner’s Equity
∑A - ∑L = P

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The proprietoey theory adpts best to sole proprietorship and partnership, though corporations are
also influenced by this theory to some extent. The total of insiders’ equity, i.e. paid-up capital,free
reserves and surplus, and retained earnings, is the net wealth accruing to shareholders, i.e., owners.
Thus it is implied that the proprietary theory is also applied to corporations in this surplus in this
respect. The corporate income, i.e., earnings after interest and tax represent net income to
shareholders rather than to all providers of capital. Interest and tax are treated as expenses, which
decrease net income to shareholders. Also, term such as ‘ earning per share, (EPS) ans dividend
per share (DPS) connote a proprietary emphasis.
The primary objective of this theory is to determine the propreitor’s net worth (Wealth). This
theory , as the accounting equation reveals, is balance sheet oriented. According to this theory, the
entity is regarded as the ‘’the agent, representative or arrangement through which the individual
entrepreneurs or shareholders operate.’’

4.2 The Entity Theory


Under the entity theory, net income does not belong to the proprietor but to the entity, which is
regarded as separate and distinct from providers of capital. Not all income accuring to the entity,
but only that part of income which is earmarked for distribution to the shareholders really belongs
to the owners.
The business entity is the centre of interest in this theory. Theaccounting equation in this case is:
Assets = Liabilities + Shareholder’s Equity
∑A = ∑L + SE
It can also be stated as:
Assets = Equities
Because equities are equal to liabilities plus shareholder’s equity.
The equation shows that assets (resources) are owned by the equity and it is liable to both the
claims on resources of the outsiders (creditors) and the claims of the insiders (shareholders)
Unlike the proprietary theory, where earnings ahter interest and tax belong to the owners, in the
entity theory, only the dividends declared belong to shareholders. According to this theory, out of
the net income, if some earnings are retained in the business, they are not considered thr income
of the shareholders, i.e., owners.
In the entity theory, ‘’the providers of capital become a kind of creditor interest, and assets,
liabilities, expenses, and revenues are determined from the interest of the management rather than
that of the stockholders.;; Since ‘’the business unit that is held responsible for meeting the claims
of the equity holders, the entity theory is said to br income centred, and consequntly income
statement oriented. Accountability to the equity holders is accomplished by measuring the
operating and financial performance of the firm.’’

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The entity theory has uts main application in the corporate form of business enterprise because it
has a separate existence from the lives of individual owners.
Earlier, it was believed that the bases of valuation were different in case of the proprietary and
entity theories. In the former, assets were to be valued at current values because the owners’ equity
was considered to be their net wealth. In the latter case, ‘’the firm was not to the owners and other
equity holders. However, recent discussions of valuation have stressed the importance of current
values as relevant in the determination of the income to the enterprise as a measure of the future
services to the firm, and as a basis for future decisions of management. Therefore, the proprietary
and entity theories do not necessarily dictate different valuation bases.’’

4.3 The Residual Equity Theory


The residual equity theory seems to be very much akin to the proprietary theory. The difference is
that residual theory excludes the holders of preference share capital from the proprietor group.
Preference dividends are deducted from the net income when calculating the earnings of the
proprietor or ordinary shareholder. The earnings per share of the residual equity holders is
computed by excluding preference dividend.
The prine ‘’objective of the residual equity approach is to provide better information to ordinary
shareholders for making investment decisions. In a corporationwith indefinite continuity, the
current value of common stock is dependent primarily upon expection of future dividends.

4.4 The Enterprise Theory


The activities of a business entity have economic and social impacts. ‘’The large corporation can
no longer operate solely in the interest os shareholders and t nanot be assumed that the forces of
competition will necessarily protect the interest of other groups.’’
This theory is a broader concept than the entity theory but is not so well defined in its scope and
application. Measurement and reporting methods are still in the process of development. This
broad form of the enterprise theory can be thought of as a ‘social theory of accounting’
The most relevent concept of income in this broad social responsibility concept of the enterprise
is the ‘Value-added’ concept

4.5 The Fund Theory


Under the fund theory, the basis of accounting is neither the proprietor nor the entity as a separate
person. Instead, an activity oriented unit is the basis of accounting. The fund theory regards the
accounting unit as consisting of economic resources and related obligations ans restrictions in the
use of these resources. ‘’This area of interest, called the fund , includes a group of assets and related
obligations and restrictions representing specific economic functions or activities.’’ This theory is
based on the accounting equation:

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Assets = Restrictions of assets
The accounting unit is defined in terms of assets and the uses to which these assets are committed.
Assets represent prospective services to the fund or operational unit and liabilities represent
restrictions against specific or general assets of the fund.

5. Basic Accounting Principles


Basic accounting principles comma as mentioned earlier, are general decision rules which govern
the development of accounting techniques. Some call them basic accounting features. The
principle that we shall discuss in brief are: the revenue principle, the cost principle, the matching
principle, the objectivity principle and the full disclosure principle. The Expectations or modifying
constraints are: materiality comma consistency, conservatism, timeliness, cost benefit and industry
practice.

5.1 The revenue principle


Revenue principle states that revenue should be recognised in the period when the sale is made,
and specifies that revenues should be measured as the cash received plus the cash equivalent of
any other item received. Revenues are recognised when they are realized or realizable. They are
realised when products, Merchandise or other assets are exchange for cash of Claims to cash and
are realizable when related assets received or held are readily convertible to loan amount of clash
or claims to cash. Further comma revenues are recognised only when they are ‘earned’. And
entity's revenue earning activities involved delivering or producing goods, rendering services, or
other activities that constitutes ongoing measure of Central operations, and revenues are
considered to have been earned when the entity has substantially accomplished what it must do to
be entitled to the benefits represent by the revenues.

5.2 The cost principle


“Cost is the amount, measured in money, of cash extended or other property transferred, capital
stock issues, Cesc performed, reliability incurred, in consideration of goods or services received
or to be received.”
“Expenses are the using or counselling of goods and services in the process of obtaining
revenues.”and expenses are measured by the valuation of the goods or services used consumed.

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5.3 The matching principle
“A matching principle who's that all the expenses incurred in generating revenue should be
identified or matched with the revenue generated, period by period.” if the if the purpose was to
generate revenue, as is the usual case, the expenses should be identified with the period of which
that revenue was recognized as earned. The association between revenues and expenses depends
on one of the following criteria. The first applicable criterion is applied:
 Direct matching of expired cost with a revenue, e.g. Cost of goods sold matched with
related sale.
 Direct matching of expired cost with the period, e.g. President's salary for the period.
 Allocation of cost about periods benefited, e.g. Depreciation
 Expense in other cost in the period incurred, unless it can be shown that they have for the
benefit e.g. Advertising expense.

5.4 The objectivity principle


The objectivity principle holds that accounting must be carried out on an objective and factual
basis. The accounting data should be verifiable and bias free. In making fair market values, as the
basis for valuation of fixed assets, they there is likely to be greater subjectivity of the valuation
machinery. The principle of objectivity has meant different things to different writers. For some,
and objective measure is and ‘impersonal’ measure in the sense that it is free from the personal
bias of the measurers. Finally, if the measurements are free from personal bias it is probably
although not necessary that a frequency distribution of these measurements will produce a
symmetrical curve.

5.5 The full disclosure principle


The full disclosure principle specifies that there should be complete and understandable reporting
on the financial statements of all significance information relating to the economic affairs of the
entity. According to henriksen, “presentation of information necessary for the optimum operation
of efficient capital markets”. Full disclosure requires that financial statements be designed and
prepared to portray accurately the economic events that affected the form for the period and to
contain information sufficient to make them useful and not misleading to the average investor.
There is a general consensus in accounting that the disclosure should be full, fair and adequate.
‘Full’ refers to a complete and comprehensive presentation of information; ‘fair’ employees and
ethical constraint dedicating and equitable treatment of uses; and 'adequate’ connotes and
minimum set of information to be disclosed.

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6. The Exception or Modifying Principles
The objectives of financial reporting, the postulates and the concepts provide a general framework
for the development of accounting principles. But “limitations of the users of external financial
statements and reports put constraints on the logical derivations of principle from the principles
from the principle and postulate along Without certain specific qualifications, the principle might
not be fulfill the needs of the user of this reports. The users have limited capability to handle a
mass large data and interpret the same in order to make predictions. Consistency, uniformity,
comparability and other constraints should be taken into consideration while determining the basic
principles.
The two major constraints or exceptions principle applying the basic principles in applying the
basic principles are: (a) cost benefit principle and (b) Materiality principle

6.1 Cost –benefit


The cost benefit modifying principle constraint holds that the cost of applying an accounting
principle should not exceed its benefit. In other words, the benefit to be gained from providing
additional accounting information should be greater than the costs of providing it .It does not mean
that the costs of providing it. It does not meant that to save cost, no or very little information taken
to the user should be taken to the users. In fact the information given should be enough to reduce
the uncertainty in decision –making to a minimum. Certain minimum levels of relevance and
reliability should be attainted to make account information useful.
Till recently, many countries require that information about the effect of the changing prices on
financial statements to the main annual reports. There is demand for supplementary statements to
main annual reports. There is a demand for supplementary information on value added and social
performance and human resource to be given annual financial reports. If the costs of providing all
this information exceed the benefits arising there from it would be economically justified to
balance costs with benefits. The benefits should, of course, be measure from the users point of
view.

6.2 Materiality
The FASB has issued many statements of financial accounting standards (SFAS) during the past
twenty five years. Each SFAS issued by Board has concluded by saying that the provisions of this
statement need not to be applied to immaterial items. The SEC Regulation S-x states that a
materiality matter is one about which an average prudent investor ought reasonably to be informed
and that material information such as information as is necessary to make the require statement. In
the light of the circumstances under which they are made not misleading.
The FASB in response to the discussions on Discussion Memorandum on Materiality has stated
its passion as follows the essence of the materiality is clear. The essence of the materiality is clear.

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Materiality is an important guide for the accountant in deciding what should be disclose in financial
reports. it is essentially a matter of professional judgment. The concept materiality is relative.

6.3 Consistency
The consistency principle holds that in the accounting process, all concepts principles and
measurement approaches should be applied in a similar or consistent way from one period to the
next in order to assure that the data reported in the financial statements are reasonably comparable
over time. This principle does not allow changes at will from one accounting approach to another.
It, however, permits changes in accounting techniques if it is likely to improve the measurement
of financial results and positions. Switching over from the fifo methods to lifo method of inventory
valuation during inflation or charging depreciation. This modifying principle was necessary since
adopting the GAAP different financial results could be drawn from same accounting data for the
same period.

6.4 Conservatism
This is another user constraint in the application of basic accounting principles. This principle hold
that when then on accounting and more than one accounting and measurement alternative is
permissible for a transaction, the one having the least for favorable immediate on net income
owners’ equity should be selected.
It implies that the highest value of liabilities and expenses and lowest values of assets and revenues
should preferably be reported. The principle to ignore all unrealized gains and provide for all
anticipated losses, is usually applied. This shows a generally pessimistic attitude of the account.
this principle has been applied in the past as a way of dealing with uncertainty, the possible over
optimism of managers and owners and also as a way of protecting creditors against an unwarranted
distribution of the firm s assets as dividends.
This very much restrict the principle of objective and fair reporting. The rules of lower of cost or
market in valuing inventories is still applied. Now conservatism is regarded as a virtue of the past.
better techniques are available for reducing uncertainty. The interests and needs of the inventor are
given greater importance.

6.5 Timeliness
One of the primary qualities desired in useful accounting information is that it should be relevant.
Timeliness is an ingredient of relevance. The information that is given to the users of financial
reports should be current and supply frequently. If old and late information is presented it hampers
their ability to make rational decisions.
Timeliness is a user constraint. It puts restrictions on the application of the basic principles. In
order that the information is timely, it may be less reliable.

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The principle of uniformity is also useful to the users in making proper comparisons between
different comparable firms .Inter-firm comparison is possible if the firms adopt similar accounting
policies ,techniques and methods. Professional institutes have been issuing pronouncements from
time to time to ensure inter firm comparability by adopting uniform methods of reporting.

6.6 Industry practice


Practical considerations may, however require from the basic principles discussed above. The
unique characteristics or the particular nature of some industries and business enterprise require
the use of different accounting methods and procedures to produce realistic and useful financial
reporting. For example, banks and insurance companies in some country report certain investment
securities at market because these securities and trade frequently. In some companies the inventory
is valued at cost instead of lower of cost and market .similarly in the farm industry , crops and
often reported at market value or net realizable value because it is costly to develop accurate cost
numbers on individual crops .

7. Conclusion
The quality of financial statement presented to external users of financial information depends
upon the theoretical structure of accounting. There is a need for constant review and upgrading of
the elements comprising accounting theory, viz objective postulates concepts, principles and
techniques.

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8. References

1. Notes for MBA, (2017). Approaches to the formulation of accounting theory. Retrieved
from
http://www.notesformba.com/topic/approaches-to-the-formulation-of-accounting-theory/
2. Jennifer Edwards. Accounting Postulates and Accounting Details. Retrieved from
http://www.accountingdetails.com/accounting-postulates.htmSimon Renshaw. AABRS.
What is Included in the Statement of Affairs for a Voluntary Liquidation?
3. Steven Bragg, (2017). Accounting principle. Retrieved from
https://www.accountingtools.com/articles/2017/5/7/accounting-principle
4. Manukriti Nandwani. Postulates in Accounting. Retrieved from
http://www.accountingnotes.net/accounting/postulates-in-accounting/5270
5. Fredd1e, (2011). International Financial Accounting and Theory. Retrieved from
https://worldthemes.wordpress.com/tag/entity-theory/
6. Harold Averkamp. What is going concern? Retrieved from
https://www.accountingcoach.com/blog/going-concern
7. What is a Going Concern? Retrieved from\
http://accounting-simplified.com/financial-accounting/accounting-concepts-and-
principles/going-concern.html
8. Money Measurement Concept in Accounting. Retrieved from
http://accounting-simplified.com/financial/concepts-and-principles/money-
measurement.html

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