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11 Financial’s website is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links.įor information pertaining to the registration status of 11 Financial, please contact the state securities regulators for those states in which 11 Financial maintains a registration filing. 11 Financial may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. 11 Financial is a registered investment adviser located in Lufkin, Texas. All of our content is based on objective analysis, and the opinions are our own.Ĭontent sponsored by 11 Financial LLC. We may earn a commission when you click on a link or make a purchase through the links on our site. With this principle, it is assumed that there is utmost good faith or honesty among all the parties involved in every transaction.įinance Strategists has an advertising relationship with some of the companies included on this website. This means that both negative and positive information must be reported. The Principle of MaterialityĪccountants must fully disclose all financial data and information in financial reports. The Principle of PeriodicityĪccording to this principle, entries should be accurately reported in the appropriate period. In creating financial statements, such as in the valuation of assets, accountants are urged to assume that the business will continue its operation in the foreseeable future. The Principle of Prudenceįinancial data representation should be based on facts or well-informed judgment and not on speculation or guesswork. This should be achieved without compensating debt by an asset or revenues by an expense. There should be full disclosure of financial information, both negative and positive. With this, accountants are directed to consistently apply the same financial reporting procedures for easy comparison. Under this principle, accountants must provide an accurate and unbiased depiction of the financial situation of a business. This principle means accountants are expected to consistently apply the same standard throughout the reporting process, from one period to the next.Ĭhanges or updates in the standard should be fully disclosed in the footnotes to the financial statement.
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This concept presupposes that accountants comply with GAAP rules and regulations as a standard practice.