Rules of Accountancy

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Rules of accountancy refer to the principles and guidelines that govern the recording and reporting of financial transactions.

The rules of accountancy include the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
These rules ensure that financial statements are accurate, reliable, and comparable across different organizations.
Some key principles of accountancy include the matching principle, the revenue recognition principle, and the going concern principle.
Accountants must also adhere to ethical standards and maintain confidentiality when handling financial information.
Examples of financial statements that must follow these rules include balance sheets, income statements, and cash flow statements.

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