SSAPs and FRSs

Rune

Has anyone got the definitions they could let me have please?

peugeot

Are you sure you want FRS/SSAPs? Do you not mean IFRS/IAS??

Regards
Steve

themasterer

IFRS/IAS is for ACCA i believe..We use SSAP and FRS in AAT.

peugeot

Are you doing DFS? If so this is examinable under IAS/IFRS.

Regards
Steve

themasterer

I'm doing FRA. So, we're getting only the SSAPs and FRAs

peugeot

I've just noticed the forum you've posted this in - you're not doing DFS!

A Technical Summary is provided on the ASB's website which might help you.

Kind regards
Steve

lv9783

SSAPs is statements of standard accounting practices
we are concerned with 5 which is acounting for VAT
and 9 stock

FRSs is financial reporting standards
we are concerned with 15 tangible assets (physical assets)
and 18 accounting policies

=relevance
=reliabilty
=comparibility
=understandably

square-peg

great summary Iv9783 - thanks for that. :thumbup1:

DaveIOW

lv9783 wrote: »

SSAPs is statements of standard accounting practices
we are concerned with 5 which is acounting for VAT
and 9 stock

FRSs is financial reporting standards
we are concerned with 15 tangible assets (physical assets)
and 18 accounting policies

=relevance
=reliabilty
=comparibility
=understandably

FRS 18 also talks about accrual & prudence concept I think those along with the above will come up, going by ECR maybe not directly either it may be required to back up an answer.

Rune

I found this if it helps anyone....

FRS 18 - 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

FRS 15 - Accounting for Tangible Fixed assets
-Depreciation
SSAP 5 - Accounting for value added tax
-sales reported in P&L should not include VAT
-irrecoverable Vat should be included in cost of item
SSap 9- Stocks and longterm contracts
-stock valued at lower of cost and Net realisable value.
SSAP 21 - Accounting for leases and hire purchase contracts
-2 types of leases 1) oerating lease
2) finance lease

Rune

Sorry its copied and pasted so may need a bit of gigging just copy and paste and regigggggg.....

DaveIOW

Thanks for that, forgot about materiality. I think prudence was absorbed into accruals concept when it moved from an ssap to an frs

Rune

DaveIOW wrote: »

Thanks for that, forgot about materiality. I think prudence was absorbed into accruals concept when it moved from an ssap to an frs

For objective remember CURRy but no y your objective tonite it to chill and have a CURRy

Comparability
Understandability
Relevance
Reliability

Concepts are MAGiC NO i
Materiality
Accruals
Going Concern

square-peg

cool - thanks for that Rune.

Esme

I can't beleive there wasn't a single question on any of these in the FRA exam.

Actually, there was one on accruals.. but I was expecting the big explanation question to be based on concepts... thank god it wasn't!!