Home > Glossary > A > Accounting Policy
Illustration

Accounting Policy

Accounting policies are the specific principles, methods, and rules a business follows when preparing financial statements. These include choices around revenue recognition, depreciation methods, and inventory valuation. Consistent application of accounting policies ensures comparability over time, while proper disclosure helps stakeholders understand how financial figures have been calculated and presented

More Items

Annual GST Return (BAS)

The periodic Business Activity Statement Australian businesses lodge to report GST and other tax obligations.

ATO (Australian Taxation Office)

Australia's federal revenue collection agency, responsible for tax administration and compliance.

ABN (Australian Business Number)

A unique 11-digit identifier businesses use for tax and invoicing purposes in Australia.