An accounting principle should be supported by clear concepts of the needs to be served by reporting on actual transaction experience. This is so because account data are able to speak authoritatively only of transaction experience of the specific enterprise. In addition, some actions are justified by principles resting on moral grounds. Some of the characteristics of an accounting principle that emerge are that these are persuasive, relevant, and reflective of the truth.
(2016), "Concept of a Principle", A. C. Littleton’s Final Thoughts on Accounting: A Collection of Unpublished Essays (Studies in the Development of Accounting Thought, Vol. 20), Emerald Group Publishing Limited, pp. 351-356. https://doi.org/10.1108/S1479-350420160000020061Download as .RIS
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