Buy custom The ISAB argues that the accruals and going concern concepts are key underlying assumption in the preparation of financial statements. Discuss the problems for companies in applying these accounting concepts and explain why other concepts might al...

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The concept requires the firm to estimate the net cost of the asset (i.e. cost less residual value) and charge it to the periods expected to benefit from its use (i.e. its useful economic life). In other words, this technique will be matching the cost of using the asset with the revenue it helps to generate...

The problem with this is when different methods of depreciation are used within the firm or for firms within the same industry. Therefore the firm can not compare to its competitors accurately as different method have been applied in their accounting statement, and also comparing the performance of the firm from its past year(s) might be inaccurate...

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