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Accounting Policies and Procedures Modified012116 Form

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today we will talk about accounting policies and how they are used which are specific procedures implemented by a company's management team to prepare its financial statements accounting policies are the specific procedures implemented by a company's management team that are used to prepare its financial statements these include any accounting methods measurement systems and procedures for presenting disclosures accounting policies differ from accounting principles in that the principles are are the accounting rules and the policies are a company's way of adhering to those rules accounting policies are a set of standards that govern how a company prepares its financial statements these policies are used to deal specifically with complicated accounting practices such as depreciation methods recognition of Goodwill preparation of research and development costs inventory valuation and the consolidation of financial accounts these policies May differ from company to

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