By Arthur Hindmarch

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Accounting bases and policies are considered further in Chapters 5-9, and 16 and 17. P. no. 2 singled out four concepts for special mention: going concern, accruals, consistency and prudence. e. November 1971) but that a more theoretical approach would include other concepts. A. A. by other professional accounting bodies and by individual writers. P. no. 2. Going concern and consistency survive with the same title; the accrual concept becomes the matching concept and the concept of prudence approximates to a combination of conservatism and realisation.

Bird, Accountability: Standards in Financial Reporting, chap. 2. 5. An example of a significant government initiative was the setting up in 1974 of the committee of enquiry which produced the 'Sandilands Report' (see below for reference to the Report). 6. R. Sidebotham, Introduction to the Theory and Context of Accounting (Oxford, Pergamon, 1970) chap. 4. 7. M. Mumford, 'Objectivity and the Accounting Profession', Accounting and Business Research, no. 4 (Autumn 1971). 8. ,1975). 9. Accounting Standards Steering Committee, The Corporate Report (London, Accounting Standards Steering Committee, 1975).

The underlying contrasts of these different forms of providing a business's assets are discussed in Sect. 3. At this stage it is sufficient to note that the firm will find it useful to distinguish between these qualitatively different relationships. 30 Measurement By applying the idea of duality and recognising the two distinct types of claims against the firm, the following equation can be derived: Assets = Liabilities + Owners' Equity I t is termed the 'fundamental accounting equation' because these relationships are so central to the analysis and presentation of accounting information.

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