Concept card Accounting

Prudence Concept

Caution under uncertainty.

Difficulty: Beginner Learning path: IFRS Basics
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Going Concern Assumption Assuming the business will continue. Five-Step Revenue Model IFRS 15 revenue recognition. Accrual Basis of Accounting Recording when earned, not when paid. Prudence Concept Caution under uncertainty. Going Concern Assumption Assuming the business will continue. Five-Step Revenue Model IFRS 15 revenue recognition. Accrual Basis of Accounting Recording when earned, not when paid. Unqualified Audit Opinion A clean bill of health.