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Accounting Convention

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Accounting Convention
An accounting procedure used informally. That is, an accounting convention has been neither endorsed nor prohibited by the SEC or another appropriate body. In general, when the SEC has neither endorsed nor prohibited an accounting convention, it is because it has not needed to rule on the matter, especially if the convention is new. A ruling may formalize or forbid a convention, or it may make the convention obsolete.


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However, due to accounting conventions and differences in the recorded values of transactions, this does not always happen.
Some countries may need electronic disclosure while others need more far-reaching reforms of accounting conventions.
In criminal justice, however, the thinking remains rigid, imprisoned by the accounting conventions.
 
 
 
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