Accountancy Policies

solly

Can sum1 give a quick sum of FRS 18. All the sections and brief explanations. its gna kill me.

artist

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