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Financial Accounting by P. C. Tulsian

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4 CHAPTER

Accounting Policies

MEANING OF ACCOUNTING POLICIES

Accounting policies refer to the specific accounting principles and methods of applying those principles adopted by the enterprise in the preparation and presentation of financial statements. There is no single list of accounting policies which are applicable to all enterprises in all circumstances. The management of each enterprise has to select appropriate accounting policies having regard to the nature and circumstances of the enterprise.

EXAMPLES OF ACCOUNTING POLICIES

Following are the examples of some of the areas in which different accounting policies may be adopted by different enterprises:

  1. Methods of depreciation, depletion and amortisations;
  2. Treatment of expenditure during ...

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