accounting convention Definition | Business Dictionaries from
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Business Glossary


Business Definition for: accounting convention
accounting convention

methods or procedures employed generally by accounting practitioners. They are based on custom and are subject to change as new developments arise. A new accounting or tax requirement, such as an SEC accounting series releases (ASRS) may make a convention inappropriate. The accountant in performing the reporting function should follow existing accounting conventions that apply to the given situation.

See also accounting principles
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