Convention: Difference between revisions
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A generally understood and accepted method of doing or saying something. | A generally understood and accepted method of doing or saying something. | ||
For example the ACT/360 day count convention for many major currencies, used to calculate short-term interest payable and receivable. | For example the ACT/360 day count convention for many major currencies, used to calculate short-term interest payable and receivable. | ||
Revision as of 13:32, 16 December 2021
1. International law - treaties.
A treaty between states, especially a multilateral treaty.
Examples include the OECD model tax convention.
2. Constitutional law - unwritten parts.
Parts of the rules and practices of a state that are not written down, but are followed as if they were.
3. Ethics - law - regulation - markets.
Conventions are standards and principles of conduct that are additional to compliance with regulations and law.
For example, the ACT's Ethical Code requires the ACT's members to comply with "the laws, regulations and conventions of the countries and markets in which they transact business..."
4. Markets - professional practice.
A generally understood and accepted method of doing or saying something.
For example the ACT/360 day count convention for many major currencies, used to calculate short-term interest payable and receivable.
Another example is the dual aspect convention - or double entry principle - in bookkeeping, that every accounting transaction affects two accounts.
