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It is now January 2020 and the unadjusted December 2019 SCI is showing a small loss....

It is now January 2020 and the unadjusted December 2019 SCI is showing a small loss. The new CEO has heard that there is flexibility in the IFRS standards that allow for choice. The CEO
instructed the assistant controller to use this flexibility in accounting standards such that the net income becomes positive. The statements will not be released until March 2020.

Identify and Discuss ONLY 3 potential accounting principles/qualities that can be violated if the assistant controller decides to follow the instructions of the CEO.

business   accounting   
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Answer #1

The three potential accounting principles/ Qualities that can be violated are:

1) Revenue Recognition

2) Matching Principle

3) Cost Principle

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