November 23 to 24, 2020
@ PIM, Islamabad.
In drawing up accounting statements, whether they are external “financial accounts” or internally-focused “management accounts”, a clear objective has to be that the accounts fairly reflect the true “substance” of the business and the results of its operation.
The theory of accounting has, therefore, developed the concept of a “true and fair view”. The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business’ activities.
To support the application of the “true and fair view”, accounting has adopted certain concepts and conventions which help to ensure that accounting information is presented accurately and consistently.
The key difference between Accounting Concept and Convention lies in the fact that accounting concepts refer to the rules and regulations of accounting, while accounting convention refers to the set of practices discussed by the accounting bodies before preparing final accounts.
Accounting concept is a theoretical statement regarding accounts, whereas the accounting convention is a procedure agreed by the accounting bodies for preparing final accounts.
Therefore this training program has been designed to help accounting professionals understand the accounting concepts, conventions, and procedures while preparing financial statements..