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Philosophy of accounting

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Title: Philosophy of accounting  
Author: World Heritage Encyclopedia
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Subject: Accounting scholarship, Inflation accounting, Accounting reform, International Accounting Standards Board, American Institute of Certified Public Accountants
Collection: Accounting Scholarship
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Philosophy of accounting

The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts. The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and other stakeholders. It is based on the reasonable man principle.

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