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Accounting Concepts and Conventions

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When preparing final accounts the aim is to present a “true and fair view” of the financial position of the business. This statement has not yet been defined in any legislation or court case but is generally accepted to mean a “fair view” without bias. In order to achieve this accountants are required to base their work on a set of principles which are usually referred to as concepts and conventions. These principles are important for two reasons:


  • Stock Exchange
  • Balance Sheet
  • Capital Expenditure
  • Final Account
  • Accounting Convention

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© 1993 Sally Messenger and Humphrey Shaw

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Messenger, S., Shaw, H. (1993). Accounting Concepts and Conventions. In: Financial Management. Palgrave, London.

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