One of the leading paradigm of the contemporary accounting is to provide the transparent and comparable information in the financial statements. It requires a rigid application of the true a fair principles. This article is focused on an analysis of theoretical basis of accounting theory (e.g. underlying assumptions of accounting, qualitative characteristics of the Financial Statements, generally accepted accounting principles). We present our conclusions on what is necessary to be made in the Slovak Republic, in order to achieve the same basis of accounting with that already used in countries with advanced market economy.
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