Concepts and Conventions of Accounting
Are the assumptions, or basic rules, that are applied to accounting procedures. Since 1971 the accountancy profession has issued a series of guidelines to encourage uniformity in the preparation of financial statements.
Until 1990 the guidelines were known as Statements of Standard Accounting Practice (SSAPs). Currently the standards are issued as International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs).