n Professional Accountant - A guide to choosing a suitable accounting framework for different types of entities - : accounting technical

Volume 2015, Issue 23
  • ISSN : 1680-7537


Deciding on which framework to use for an entity can prove to be a nightmare. Three decades ago, there were only three common types of businesses - companies (private or public), sole traders, and partnerships. During this period, accounting processes were simple: the accounting standards were mainly applied to companies, and both private and public companies required an audit.

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