Main Page and Prudence: Difference between pages
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imported>Doug Williamson (Update to reflect the replacement of the 'prudence' concept with 'neutrality' in international financial reporting standards.) |
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''Accounting.'' | |||
The accounting practice of recognising income and assets only when they are reasonably certain, whilst recognising expenses and liabilities whenever they are probable. | |||
== See also == | |||
* [[Accounting concepts]] | |||
* [[Accruals concept]] | |||
* [[Consistency]] | |||
* [[Disaggregation]] | |||
[[Category:Accounting,_tax_and_regulation]] | |||
Revision as of 13:09, 28 September 2014
Accounting.
The accounting practice of recognising income and assets only when they are reasonably certain, whilst recognising expenses and liabilities whenever they are probable.