SYNOPSIS Generally Accepted Accounting Practice includes argumentation AC000: Framework for the preparation and presentation of fiscal statements. This sets out free and definitive rules governing the recognition of liabilities and income and expenditure in financial statements. Specifically the following paragraphs need to be considered: Recognition of liabilities: 91. A liability is recognised in the balance sheet when it is potential ...If you want to get a full essay, order it on our website: Orderessay
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