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This standard deals with disclosure of significant accounting policies followed in the preparation and presentation of the financial statement and it is mandatory in nature the accounting policies refer to the specific Accounting Principles adopted by the enterprise proper disclosure meaningful comparison both inter and intra Enterprises and also enable the user to properly appreciate the financial statement areas involving different accounting policies by different Enterprises are method of depreciation depletion and motivation treatment of Expenditure during construction treatment of foreign currency conversion translation Valu ation of inventories treatment of intangible asset valuation of investment treatment of retirement benefit of profit on long term contract valuation of fixed asset treatment of contingent liabilities fundamental accounting assumption certain basic assumption in the preparation of financial statement or accepted and their use or assumed no separate disclosure required except for non complaints in respect of Going Concern continuing operation in the forcible future and no interim necessity of liquidation or winding up or reducing scale of operation consistency accounting policy or consistant from one period to another incurred not actually received or paid and recorder in the financial statement The selection and application of accounting policy for prudence substance over form material fundamental accounting assumption Apple as one or Going Concern matching and consistency concept and go in consent consistency inventories include held for sale in the ordinary course of business finished good in the process of production of such sale raw material and work in progress in the form of material or supplies to be consumed introduction process or in the enduring of service inventory do not include machinery cost of purchase include purchase price duties and Taxes write in word other expenditure directly attribute to the accusation duty Centre access recovery by Enterprises from taxing authority trade discount rebate duty drawback other similar item cost of conversation it consist of the cost directly related to the unit system article location and variable production incurred in converting material into finish the good.
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