Therefore, it has to be quantified and fully disclosed in the footnotes. Additionally, the change's explanation and financial implications must be made public.
What are the five fundamental accounting concepts?
Five key concepts underlying accounting procedures and the creation of financial statements, despite the fact that there are many rules for accountants. The accrual principle, matching principle, historic cost principle, conservative principle, and the concept of content over form are those.
What is accounting ?
Accounting is the process of acquiring, examining, and publishing accounting and other data about businesses and organizations. It is also commonly referred as simply "accounting." Monitoring records of a business's financial activities is called accounting.
To know more about Accounting visit :
https://brainly.com/question/13310721
#SPJ4
