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Accounting Disclosure Practices – An Over View

Received: 4 March 2020     Accepted: 8 June 2020     Published: 19 August 2020
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Abstract

The accounting principles consist of both concepts and conventions. Among different conventions, the disclosure convention is the most important one. The information should be presented in such a manner that it can be easily understood by a person of average knowledge and prudence. The Company Act 1956 not only requires that Income Statement and Balance Sheet of a company must give prescribed forms in which these statements are to be prepared. In recent years, many business enterprises have broadened the scope of their activities to different industries foreign counties and market. Due to the growth of diversified business and expansion of firms into foreign market, consolidated information becomes non-homogeneous information. The problems of disclosure can be resolved in the light of the objectives of financing reporting. The methods of disclosure include Income Statement, balance Sheet, Statement of Retained earnings, and Funds Flow statement.

Published in Journal of Finance and Accounting (Volume 8, Issue 4)
DOI 10.11648/j.jfa.20200804.16
Page(s) 208-211
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Accounting, Conventions, Accounting Standards, Generally Accepted Accounting Principles

References
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  • APA Style

    Komati Durga Prasad, Soofi Asra Mubeen, Banda Rajani. (2020). Accounting Disclosure Practices – An Over View. Journal of Finance and Accounting, 8(4), 208-211. https://doi.org/10.11648/j.jfa.20200804.16

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    ACS Style

    Komati Durga Prasad; Soofi Asra Mubeen; Banda Rajani. Accounting Disclosure Practices – An Over View. J. Finance Account. 2020, 8(4), 208-211. doi: 10.11648/j.jfa.20200804.16

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    AMA Style

    Komati Durga Prasad, Soofi Asra Mubeen, Banda Rajani. Accounting Disclosure Practices – An Over View. J Finance Account. 2020;8(4):208-211. doi: 10.11648/j.jfa.20200804.16

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  • @article{10.11648/j.jfa.20200804.16,
      author = {Komati Durga Prasad and Soofi Asra Mubeen and Banda Rajani},
      title = {Accounting Disclosure Practices – An Over View},
      journal = {Journal of Finance and Accounting},
      volume = {8},
      number = {4},
      pages = {208-211},
      doi = {10.11648/j.jfa.20200804.16},
      url = {https://doi.org/10.11648/j.jfa.20200804.16},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20200804.16},
      abstract = {The accounting principles consist of both concepts and conventions. Among different conventions, the disclosure convention is the most important one. The information should be presented in such a manner that it can be easily understood by a person of average knowledge and prudence. The Company Act 1956 not only requires that Income Statement and Balance Sheet of a company must give prescribed forms in which these statements are to be prepared. In recent years, many business enterprises have broadened the scope of their activities to different industries foreign counties and market. Due to the growth of diversified business and expansion of firms into foreign market, consolidated information becomes non-homogeneous information. The problems of disclosure can be resolved in the light of the objectives of financing reporting. The methods of disclosure include Income Statement, balance Sheet, Statement of Retained earnings, and Funds Flow statement.},
     year = {2020}
    }
    

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    AU  - Soofi Asra Mubeen
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    T2  - Journal of Finance and Accounting
    JF  - Journal of Finance and Accounting
    JO  - Journal of Finance and Accounting
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    AB  - The accounting principles consist of both concepts and conventions. Among different conventions, the disclosure convention is the most important one. The information should be presented in such a manner that it can be easily understood by a person of average knowledge and prudence. The Company Act 1956 not only requires that Income Statement and Balance Sheet of a company must give prescribed forms in which these statements are to be prepared. In recent years, many business enterprises have broadened the scope of their activities to different industries foreign counties and market. Due to the growth of diversified business and expansion of firms into foreign market, consolidated information becomes non-homogeneous information. The problems of disclosure can be resolved in the light of the objectives of financing reporting. The methods of disclosure include Income Statement, balance Sheet, Statement of Retained earnings, and Funds Flow statement.
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Author Information
  • ICFAI Law School, Management Faculty, ICFAI Foundation for Higher Education, Hyderabad, India

  • Business Studies Department, Higher College of Technology, Muscat, Oman

  • Department of Commerce and Business Management, Chaitanya Deemed to Be University, Warangal, India

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