I haven't come across anywhere in past papers where you have to describe what they mean but the names are more or less self explanatory anyway.
SSAP9 - The statement of standard accounting practice. Used for stock costing so don't think this will apply to the FRA tomorrow. I believe it is valuing stock at cost or the net realisable value whichever is the lower.
ssap 5 accounting for VAT
borne by the final customer
vat is a tax on the supply of goods and services
etc
ssap 9 stocks and long term contracts
- stock should be valued at the lower cost or net realsable vale NRV
NRV - is the expected selling price LESS any costs
FRS 18 Relevant, reliable comparable and understandable
- choose the most appropraite for the business
review po;icies regularly
two cocepts stated in frs18 going concern and accruals
frs18- accounting policies going concern and matching concept
frs15- accounting for tangible fixed assets explains the concept of depreciation
(although depreciation is also a matching concept - costs should be reflected in the period they occur rather than when they are paid for)
ssap 9- stock & long term contracts stock valued at lower of cost or net realisable value
ssap 5- accounting for vat (company is a collector of tax on behalf of hmrc)
balance on vat account is net of input and output vat
hope this helps XXX
best of luck not long to go now
Comments
SSAP 5
SSAP 9
Correct me if im wrong anyone :001_smile:
my tutor said we didnt have to learn them... so i didnt :001_unsure:
x
We got told to make sure we knew the four objectives in FRS 18 which are...
Comparibilty
Understandability
Relevance
Reliability
(note CURR)
is frs 22 (or twenty something???) I thought there were more then this??
These are the only 2 I have been taught in lesson. I think I'm correct in saying:
FRS 18 is
Relevance
Comparability
Reliability
Understandability
I haven't come across anywhere in past papers where you have to describe what they mean but the names are more or less self explanatory anyway.
SSAP9 - The statement of standard accounting practice. Used for stock costing so don't think this will apply to the FRA tomorrow. I believe it is valuing stock at cost or the net realisable value whichever is the lower.
Hope this helps
Good luck everyone for tomorrow
I have a list of all of them . but i am not fast at typing.
borne by the final customer
vat is a tax on the supply of goods and services
etc
ssap 9 stocks and long term contracts
- stock should be valued at the lower cost or net realsable vale NRV
NRV - is the expected selling price LESS any costs
FRS 18 Relevant, reliable comparable and understandable
- choose the most appropraite for the business
review po;icies regularly
two cocepts stated in frs18 going concern and accruals
Hope this helps
frs15- accounting for tangible fixed assets explains the concept of depreciation
(although depreciation is also a matching concept - costs should be reflected in the period they occur rather than when they are paid for)
ssap 9- stock & long term contracts stock valued at lower of cost or net realisable value
ssap 5- accounting for vat (company is a collector of tax on behalf of hmrc)
balance on vat account is net of input and output vat
hope this helps XXX
best of luck not long to go now