Accounting Postulate

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Accounting Postulate

An underlying assumption in accounting. An accounting postulate is not listed in any statement of accounting procedures because it is assumed that it is understood by everyone. For example, an accounting postulate in the United States may state that all transactions will be listed in U.S. dollars.
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That influence commingled with Chambers' attention in the early 1960s to the work on accounting postulates, particularly Moonitz's ARS #1, (10) as well as his own concurrent consideration of price and price-level changes on accounting.
Irrespective of the number, calls persisted for more research and for more rigor in determining the profession's accepted accounting postulates and principles that would underpin practice.
His historical references, including those related to accounting postulates issued in the early 1960s, were especially worthy of consideration.