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Slide 10.1 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Objectivity and subjectivity A value that everyone agrees to because it is based upon a factual occurrence is said to be objective. Using one’s own judgement to arrive at a value is said to be subjective.
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Slide 10.2 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 International Accounting Standards The need for an IASB has mainly been due to: Considerable growth in international investment. Growth in multinational firms. Countries are developing their own standard- setting bodies. Some countries cannot afford a standard-setting body of their own.
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Slide 10.3 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Underlying accounting concepts Historical cost concept Money measurement concept Business entity concept Dual aspect concept Time interval concept
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Slide 10.4 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Fundamental accounting concepts Going concern Consistency Prudence Accrual concept Separate determination Substance over form
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