*Going concept:

The going concern concept implies that the business will continue in operational existence for the foreseeable future, and that there is no intention to put the company into liquidation or make 
This concept has a major influence on the assumption made when evaluation particular items in the balance sheet.
for example assets are not normally shown at net realiseable value because they are expected to be kept in the business for future use.

* Accruals concepts:

The accruals concept requires that revenue and costs are recognised as they are earned or incurred, not when the money is recieved or paid. they must be matched with one another so far as their relationship can be established or justifiably assumed and dealt with in the income statement of the period to which they relate.

*Reliablity

Accounting information must be reliable if it is to be useful. In accounting this means the information should be free from material error and bias. The user must be able to depend on it being a faithful representation.

*Understandability
User of financial statement must be able to understand them. However, it is assumed they have some business, economic and accounting knowledge and they are able to apply themselves to study the information provided properly.
The complex matters of financial statement should not be left out simply because of their difficultly, if it is relevant information.

b: 
The agrument for having accounting standards:

- Accounting standard retrict the number of choices in the methods used to prepare financial statements and therefore reduce the risk of creative accounting. this should help the users of accounts to compare the financial performance of different organisation
- Company are obliged to disclose the accounting policies they have used in the preparation of accounts. This should help the users of accounts better understand the information presented.
- Accounting standard should increase the credibility of account by increasing uniformity of accounting treatment between companies
- Accounting standard provide a focal point for discussion about accounting practice.

The arguments against having accounting standards:

- Sometimes the accounting method advocated may not be appropriate in some particular circumstances or for certain types of organisation.
- Accounting standards may be overly prescriptive, reducing flexibility and the opportunity for accountant to use their professional judgement.
- Standard may be too general, resulting in a lack of clear guidance in some situations.
- Some accounting standards can be expensice to cpmply with.