Module 4 : Accounting Standards, GAAP, IFRS
Lecture 1 : Accounting Standards, GAAP, IFRS
 

Fundamental Accounting Assumptions are:

Going Concern, Consistency, and Accrual.

If nothing has been mentioned about fundamental accounting assumptions in the financial statements then it is assumed that they have already been followed in the preparation of financial statements.

However, if any of the above mentioned fundamental accounting assumption is not followed then this fact should be disclosed.