Accountancy Policies
solly
Registered Posts: 10 New contributor 🐸
Can sum1 give a quick sum of FRS 18. All the sections and brief explanations. its gna kill me.
0
Comments
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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,
comparability0
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