(AS):- 1 Disclosure of Accounting Policies:-

 It was firstly introduce in 1979,

Fundamental Accounting Assumptions:-

Going Concern:-

The reports are prepared on a assumption is that an enterprises will continue its operations in forcible future & neither intention. The enterprise is a continuing concern not to be liquidated nearby future.

Consistency:-

Consistency in financial statements it is easy to compare theme & improve financial growth, an accounting policies can be changed if:

1. There is a statutory requirement.
2. Accounting standard requires
3. For better preparation and presentation of financial statements.

Accrual Basis method of Accounting:-

Cost and revenue are accrued.

Prudence
Gains are known as they are realized but loss if anticipated is provided for earlier.