Learn about the Fundamental Accounting Principles in this video: ENTITY; CONTINUITY; OPPORTUNITY; RECORDING AT ORIGINAL VALUE; COMPETENCE and PRUDENCE! The Fundamental Accounting Principles represent the central core of Accounting itself, in its condition as a social science, and are inherent to it. The principles always constitute the cornerstones of a science, and are covered by the attributes of universality and veracity, maintaining validity in any circumstance. In the case of Accounting, given its object, its Fundamental Accounting Principles apply to all assets, regardless of the Entities to which they belong, the purposes for which they are used, the legal form in which they are covered, their location, expressiveness and any other qualifiers, as long as they enjoy the condition of autonomy in relation to other existing assets. LINKS COMMENTED ON IN THE VIDEO: BOOK Fundamental Principles and Brazilian Accounting Standards ** https://cfc.org.br/wp-content/uploads... Revocation of Resolution No. 750/1993: context and considerations ** https://cfc.org.br/noticias/revogacao... **** Principle of monetary updating (REVOKED) The effects of the change in the purchasing power of the national currency must be recognized in the accounting records through the adjustment of the formal expression of the values ​​of the equity components. Art. 1 The application of the “Principle of Monetary Update” is mandatory when the accumulated inflation in the three-year period is 100% or more. Sole paragraph. The accumulated inflation will be calculated based on the General Market Price Index (IGPM), calculated monthly by the Getúlio Vargas Foundation, due to its general acceptance and recognition by national and international organizations. Art. 2 The mandatory application of the “Principle of Monetary Update” must be widely disclosed in the explanatory notes to the financial statements. Art. 3 When the accumulated inflation rate in the three-year period is less than 100%, the application of the Principle of Monetary Update may only occur in financial statements of a supplementary nature to the current statements, derived from regular accounting records. § 1 In the event of the existence of said supplementary statements, the update must be evidenced in the respective explanatory notes, including the indication of the inflation rate used. § 2 In this case, Monetary Update will not give rise to any accounting record. Accounting is now guided by some principles. According to Niyama and Silva (2008), there are two conceptual frameworks for accounting in Brazil: a) Basic Conceptual Framework of Accounting – research conducted by the Accounting, Actuarial and Financial Research Institute Foundation (FIPECAFI), approved by the Brazilian Institute of Accountants (IBRACON) and the Securities and Exchange Commission (CVM). b) Conceptual Framework of the CFC (Federal Accounting Council) / CRC (Regional Accounting Council) System. Deliberation No. 29/86 had as its structure the postulates, principles and conventions. The postulates are considered the foundation of all accounting and from them the principles and conventions originate. In this case, they are considered as postulates to the entity and continuity. Marion (2010) compares the postulates with the foundation, the principles with the walls and the conventions with the roof. Accounting is prepared for an entity, usually a legal entity. Continuity provides that an entity is established with an indefinite term. If we look at Resolution No. 539/08, we can already see the changes. The structure becomes the basic assumptions and qualitative characteristics of the accounting statements. Video link: • ACCOUNTING PRINCIPLES - ENTITY... Follow the channel for more studies on the financial market, stock exchange, book summaries and accounting. This channel is for recording studies and sharing knowledge! Here on this channel you will find: Summary of the books I have read, main ideas learned. Several studies on Technical + Fundamental Analysis Dollar and index studies carried out on weekends Some academic articles read TradingView tutorials Accounting Concepts Advanced accounting concepts Analysis of companies' DF's (financial statements) Subscribe and follow!! It's just the beginning! 👊🐰 ACCOUNTING ACCOUNTANT ACCOUNTING SCIENCE ACCOUNTING ASSETS LIABILITIES NET WORTH EQUITY THIRD PARTY CAPITAL UNDERDEBT LIABILITIES ___________________________________________ #ACCOUNTING #PRINCIPLES #GCOELHO