Section A Accounting Principles
Preliminary
11. Subject to paragraph 18, the amounts to be included in the financial statements of a company in respect of the items shown shall be determined in accordance with the principles set out in paragraphs 12 to 17.
Accounting principles
12. The company shall be presumed to be carrying on business as a going concern.
13. Accounting policies and measurement bases shall be applied consistently from one financial year to the next.
14. The amount of any item in the financial statements shall be determined on a prudent basis and in particular -
(a) only profits realised at the financial year end date shall be included in the profit and loss account,
(b) all liabilities which have arisen in the course of the financial year to which the financial statements relate or of a previous financial year shall be taken into account, even if such liabilities only become apparent between the financial year end date and the date on which the financial statements a
…