Accountancy Policies

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solly
solly Registered Posts: 10 New contributor 🐸
in AAT Level 3 (Level 6 in Scotland)
Can sum1 give a quick sum of FRS 18. All the sections and brief explanations. its gna kill me.

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  • artist
    artist Registered Posts: 11 New contributor 🐸
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    FRS 18 ( financial reporting standards)-Accounting policies
    Three main concepts-
    1) ACCrual concept -final accounts should be prepared on accrual basis

    2) Going concern- final accounts to be prepared on the assumption that business continue trading for foreseeable future.

    3) Materiality-accounting treatment of small items in the financial statements

    4 objectives -
    relevance,
    reliability,
    understandability,
    comparability

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