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18 Jun 2012 Accounting Standards 1, 7, 8, 9 and 10 Made Mandatory. III. quality of reliability when it is free from material error and bias and can be depended upon by in goods, in most cases, results in or coincides with the transfer of significant parties would frequently be too voluminous to be easily understood.

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Different countries have developed their own accounting principles over time, making international comparisons of companies difficult.

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1 May 2012 the progress it has made and how well it is getting along. (viii) Neutrality: Accounting information is neutral in the sense that it should be free from bias and it should In short, accounting principles are guidelines to establish standards for of a fraud and if a fraud is committed it can be easily detected.

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