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Module 1: Principes comptables

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Principes et Concepts de la comptabilité

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Accounting - Accounting concepts and principles

Accounting concepts and principles

Accounting concepts are qualities that users expect to be present in
financial reports. They form a conceptual framework defining the nature,
subject, purpose and broad content of financial reporting.

General accounting concepts

Relevance

Accounting information must be based on information directly related to
the business being reported on.

Reliability

The accounting reports should represent an effective and faithful
representation of financial events relating to the business.

Materiality

This concept requires that all significant events be included in financial
reports. An event is regarded as material if it is likely to effect
financial decisions.

Comparability

If accounting reports are to be compared from one reporting period to the
next then the methods of accounting used must be consistent from one period
to the next.

Understandability

It is of no value to present accounting reports which users are simply
unable to understand.

Constraint of timeliness

Lack of timeliness acts as a constraint to achieving the above qualities
in reporting. Timeliness indicates that reports are only of value if
available within a reasonable time period.

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