The basic assumptions of accounting used by the International Accounting Standards Board (IASB) include all of the following except:
A) Going concern.
B) Periodicity.
C) Accrual basis.
D) Materiality.

Question

Quizplus · Accepted Answer

Materiality is not considered as a basic assumption of accounting by the IASB. The other three assumptions - going concern, periodicity, and accrual basis - are considered fundamental to the accounting process.

The Basic Assumptions of Accounting Used by the International Accounting