The following are a summary of the 14 accounting rules under 3 broad headings (Dyson 1991).
Boundary rules
Entity. Accounting information must be restricted to the entity itself. It should not be extended to the private affairs of those individuals connected with it.
Periodicity. Accounts should be prepared at the end of a defined period of time. This period should be adopted as the regular period of account.
Going concern. The accounts should be prepared on the assumption that the entity will continue in existence for the foreseeable future.
