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Key concepts

Key concepts are the big ideas and understandings that we hope will remain with our students long after they have left school.

'A business that makes nothing but money is a poor business.'
Henry Ford

The big ideas in accounting

These are the driving imperatives that underpin the practice of accounting and support young people to contribute to the well-being of New Zealand as actively involved, confident and connected, responsible citizens.

Integrity: being honest, responsible, and accountable and acting ethically with awareness of social and cultural differences.

Accountability: justifying and taking responsibility for actions and decisions; adhering to the law and keeping accurate records of property, documents, or funds.

Confidentiality: being trustworthy and having the ability to keep the financial affairs of others secure and not passing on private information other than to those with a legal right.

Reliability: being trusted and organised and having the ability to deliver on time.

Relevance: being able to connect current information and keep up to date on any changes that may affect financial decision-making.

Citizenship: understanding the importance of contributing to the community and being able to be fiscally responsible.

Sustainability: the need for an entity to operate profitably taking into consideration ecological issues.

Accounting practices

'As a small businessperson, you have no greater leverage than the truth.'

John Greenleaf Whittier

Processing: gather and sort financial information that can be used to prepare financial statements.

Reporting: prepare financial statements for a variety of users to provide information about their financial performance and position.

Interpreting and decision-making: interpret the financial statements for a variety of users to enable decisions to be made.

Developing digital literacy: embrace relevant technologies in all aspects of accounting to reflect modern business practices.

The discipline of Accounting is predicated on the New Zealand Framework. This framework is based on the International Accounting Standards Board Framework for the Preparation and Presentation of Financial Statements 2005. It sets out the concepts that underpin the preparation and presentation of financial statements.

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Last updated September 12, 2017



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