Can anyone tell me all the ssap's and frs's we need

ccreaven
ccreaven Registered Posts: 119 Dedicated contributor 🦉
in AAT Level 3 (Level 6 in Scotland)
Hi I am having trouble with what ssap's and Frs's I need to revise, I don't want to miss any out.
Thanks:confused1:

Comments

  • kim_1973
    kim_1973 Registered Posts: 5 New contributor 🐸
    I need these too, anyone?????
  • Essexgal
    Essexgal Registered Posts: 42 Regular contributor ⭐
    FRS 18
    SSAP 5
    SSAP 9

    Correct me if im wrong anyone :001_smile:
  • sexyback
    sexyback Registered Posts: 13 New contributor 🐸
    Yeah me too but what do they all mean
  • kim_1973
    kim_1973 Registered Posts: 5 New contributor 🐸
    frs 18 is accruals, ssap 9 is stock valuation, what is ssap 5 ?
  • Layla
    Layla Registered Posts: 40 Regular contributor ⭐
    Please tell me we dont actually have to learn these?
    my tutor said we didnt have to learn them... so i didnt :001_unsure:
  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 Regular contributor ⭐
    SSAP 5 = VAT
    x
  • Essexgal
    Essexgal Registered Posts: 42 Regular contributor ⭐
    If you read up on SSAP 5 and 9 there isnt a lot to them.

    We got told to make sure we knew the four objectives in FRS 18 which are...

    Comparibilty
    Understandability
    Relevance
    Reliability

    (note CURR)
  • kim_1973
    kim_1973 Registered Posts: 5 New contributor 🐸
    is there anywhere that you can find a list of them with the definitions ?
  • Essexgal
    Essexgal Registered Posts: 42 Regular contributor ⭐
    If you dont have a book to look through then im sure if you google them lots of info will come up:001_smile:
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
    how many are there for this unit in total?

    is frs 22 (or twenty something???) I thought there were more then this??
  • Lyndyloo
    Lyndyloo Registered Posts: 6 New contributor 🐸
    Frs 18 & Ssap9

    These are the only 2 I have been taught in lesson. I think I'm correct in saying:

    FRS 18 is

    Relevance
    Comparability
    Reliability
    Understandability

    I haven't come across anywhere in past papers where you have to describe what they mean but the names are more or less self explanatory anyway.

    SSAP9 - The statement of standard accounting practice. Used for stock costing so don't think this will apply to the FRA tomorrow. I believe it is valuing stock at cost or the net realisable value whichever is the lower.

    Hope this helps

    Good luck everyone for tomorrow
  • Rune
    Rune Registered Posts: 91 Regular contributor ⭐
    ssap's

    I have a list of all of them . but i am not fast at typing.
  • Rune
    Rune Registered Posts: 91 Regular contributor ⭐
    ssap 5 accounting for VAT
    borne by the final customer
    vat is a tax on the supply of goods and services
    etc

    ssap 9 stocks and long term contracts
    - stock should be valued at the lower cost or net realsable vale NRV
    NRV - is the expected selling price LESS any costs

    FRS 18 Relevant, reliable comparable and understandable
    - choose the most appropraite for the business
    review po;icies regularly
    two cocepts stated in frs18 going concern and accruals

    Hope this helps
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
    Thank you all and good luck tomorrow:thumbup:
  • tramanhduong
    tramanhduong Registered Posts: 8 New contributor 🐸
    and frs 15, the one about fixed assets and depreciation as well
  • sid
    sid Registered Posts: 7 New contributor 🐸
    frs18- accounting policies going concern and matching concept

    frs15- accounting for tangible fixed assets explains the concept of depreciation
    (although depreciation is also a matching concept - costs should be reflected in the period they occur rather than when they are paid for)

    ssap 9- stock & long term contracts stock valued at lower of cost or net realisable value

    ssap 5- accounting for vat (company is a collector of tax on behalf of hmrc)
    balance on vat account is net of input and output vat

    hope this helps XXX
    best of luck not long to go now

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