What is an accounting convention or doctrine?

An accounting convention or doctrine refers to a set of principles and guidelines that dictate how financial transactions and events should be recorded and reported in financial statements. These conventions, such as the going concern assumption, consistency, or materiality, help ensure that financial information is presented in a reliable and understandable manner. They provide a framework for Accountants to maintain consistency and comparability across financial reporting, enhancing the credibility of financial information for stakeholders.