Accounting Principles

Tax Glossary Definition

Accounting Principles

Accounting Principles – The foundational rules and conventions that guide the preparation and presentation of financial statements, ensuring their consistency, reliability, and comparability. Internationally, these are governed by frameworks such as GAAP and IFRS, while in India, the Institute of Chartered Accountants of India (ICAI) prescribes accounting standards under the Companies Act, 2013, supplemented by detailed guidance notes for practical implementation.

Example: Under the accrual principle, income is recognized when it is earned, even if the related cash is received at a later date.

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