Petty Cash / IAS

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:25AM in AAT student discussion
Does anyone know if petty cash is known as anything else in International Accounting Standards. And do any of the old or new standards relate to or mention petty cash at all?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Petty Cash / IAS

    Petty cash has not featured in the IAS. It hasn't really featured in the UK GAAP as it is an isolated item within a set of accounts which has pretty clear disclosure status, i.e. it is either a current asset or not as you can't have negative cash. The standards do not tend to go into so much intricate detail as to how to treat such items in a balance sheet/income statement. I would therefore not worry too much about the fine details - just get a basic knowledge of the more broader scope of IAS's.

    Hope that helps

    Regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Petty Cash / IAS

    I'm doing my unit 10 project on petty cash and would have liked to reference part of it to an IAS / FRS... but I guess it's not essential just might have gained a point... thanks for your help though Steve...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Petty Cash / IAS

    There isn't an FRS or IAS for petty cash. You could possibly make reference to petty cash being classed as a current asset in accordance with GAAP. Petty Cash can never be shown as a liability as you cannot have negative cash. Referring to UK GAAP or IAS enhances your work.

    Regards
    Steve

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