Book-keeping must conform to the following general principles:
1. Accruals;
2. Valuation of assets and liabilities according to accounting standards;
3. Intelligibility, relevance, reliability and comparability;
4. Prudence or conservatism;
5. Independence of accounting periods;
6. Going concern in the foreseeable future;
7. Consistency of various accounting methods;
8. enclosures of material information having impact on decision making of users;
9. True and fair view of the financial information.