SSAP's / FRS's What should we know?

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
What Standard accounting standards / Financial reporting standards are we expected to know for intermediate level?<BR>I know all the accounting concepts, but there are loads of SSAP's and FRS's. <BR>Just wanted to know how many are expected at this level.<BR>Thanks

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    SSAP's / FRS's What should we know?

    Most important is FRS18: Accounting Policies. You should be familiar with the 4 concepts (Going Concern, Accruals, Prudence and Consistency) and be able to explain them and state how they are applied. In addition FRS15 Tangible Fixed Assets, SSAP5: VAT; SSAP9: Stock; and SSAP21:Leases and HP. A nodding acquaintance should be sufficient. These are most likely to turn up in the exam as a memo or letter task. E.g. you could be asked to justify your calculation of the closing stock (SSAP9) or explain why you have depreciated a fixed asset (FRS15 and 18). Most important that you can explain what they say. Extra "brownie points" for quoting the number and title.<BR><BR>Hope this helps.<BR><BR>Graham Blott
  • System
    System Posts: 100,534 🤖 Admin 🤖
    SSAP's / FRS's What should we know?

    Thanks, appreciate your help<BR>:-)

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