Can anyone tell me all the ssap's and frs's we need
ccreaven
Registered Posts: 119 Dedicated contributor 🦉
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:
Thanks:confused1:
0
Comments
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I need these too, anyone?????0
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FRS 18
SSAP 5
SSAP 9
Correct me if im wrong anyone :001_smile:0 -
Yeah me too but what do they all mean0
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frs 18 is accruals, ssap 9 is stock valuation, what is ssap 5 ?0
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Please tell me we dont actually have to learn these?
my tutor said we didnt have to learn them... so i didnt :001_unsure:0 -
SSAP 5 = VAT
x0 -
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)0 -
is there anywhere that you can find a list of them with the definitions ?0
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If you dont have a book to look through then im sure if you google them lots of info will come up:001_smile:0
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how many are there for this unit in total?
is frs 22 (or twenty something???) I thought there were more then this??0 -
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 tomorrow0 -
ssap's
I have a list of all of them . but i am not fast at typing.0 -
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 helps0 -
Thank you all and good luck tomorrow:thumbup:0
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and frs 15, the one about fixed assets and depreciation as well0
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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 now0
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