Can anyone tell me all the ssap's and frs's we need

ccreaven
ccreaven Registered Posts: 119 Dedicated contributor 🦉
Hi I am having trouble with what ssap's and Frs's I need to revise, I don't want to miss any out.
Thanks:confused1:

Comments

  • kim_1973
    kim_1973 Registered Posts: 5 New contributor 🐸
    I need these too, anyone?????
  • Essexgal
    Essexgal Registered Posts: 42 Regular contributor ⭐
    FRS 18
    SSAP 5
    SSAP 9

    Correct me if im wrong anyone :001_smile:
  • sexyback
    sexyback Registered Posts: 13 New contributor 🐸
    Yeah me too but what do they all mean
  • kim_1973
    kim_1973 Registered Posts: 5 New contributor 🐸
    frs 18 is accruals, ssap 9 is stock valuation, what is ssap 5 ?
  • Layla
    Layla Registered Posts: 40 Regular contributor ⭐
    Please tell me we dont actually have to learn these?
    my tutor said we didnt have to learn them... so i didnt :001_unsure:
  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 Regular contributor ⭐
    SSAP 5 = VAT
    x
  • Essexgal
    Essexgal Registered Posts: 42 Regular contributor ⭐
    If you read up on SSAP 5 and 9 there isnt a lot to them.

    We got told to make sure we knew the four objectives in FRS 18 which are...

    Comparibilty
    Understandability
    Relevance
    Reliability

    (note CURR)
  • kim_1973
    kim_1973 Registered Posts: 5 New contributor 🐸
    is there anywhere that you can find a list of them with the definitions ?
  • Essexgal
    Essexgal Registered Posts: 42 Regular contributor ⭐
    If you dont have a book to look through then im sure if you google them lots of info will come up:001_smile:
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
    how many are there for this unit in total?

    is frs 22 (or twenty something???) I thought there were more then this??
  • Lyndyloo
    Lyndyloo Registered Posts: 6 New contributor 🐸
    Frs 18 & Ssap9

    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
  • Rune
    Rune Registered Posts: 91 Regular contributor ⭐
    ssap's

    I have a list of all of them . but i am not fast at typing.
  • Rune
    Rune Registered Posts: 91 Regular contributor ⭐
    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

    Hope this helps
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
    Thank you all and good luck tomorrow:thumbup:
  • tramanhduong
    tramanhduong Registered Posts: 8 New contributor 🐸
    and frs 15, the one about fixed assets and depreciation as well
  • sid
    sid Registered Posts: 7 New contributor 🐸
    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
Privacy Policy