Asas — Introduction to ASAS — Foundational Concepts + 4 more topics

ASAS stands for Accrual Systems and Accounting Standards. It's the framework that underpins how companies track their financial activities.

The most fundamental concept in ASAS is the accounting equation:

Assets = Liabilities + Equity

ASAS, or rather, the Accounting Standards for Specific Activities (let's assume this is the intended expansion for the purpose of this course), relies on fundamental accounting principles. While the "Specific Activities" part will dictate how certain things are treated, the underlying concepts remain universal.

Assets = Liabilities + Equity