⭐ Important points (exam-critical)
- ⭐AS-1 disclosure of accounting policies is a 4-mark theory favourite.
- ⭐Distinguish fundamental assumptions (going concern, consistency, accrual) from conventions.
- ⭐Substance over form: record economic reality, not legal form (e.g., hire purchase).
- ⭐Money measurement concept excludes qualitative factors (employee morale, brand loyalty).
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