SSAPs and FRSs

Rune
Rune Feels At HomeRegistered Posts: 91
Has anyone got the definitions they could let me have please?

Comments

  • peugeot
    peugeot Experienced Mentor Registered Posts: 624
    Are you sure you want FRS/SSAPs? Do you not mean IFRS/IAS??

    Regards
    Steve
  • themasterer
    themasterer Just Joined Registered Posts: 3
    IFRS/IAS is for ACCA i believe..We use SSAP and FRS in AAT.
  • peugeot
    peugeot Experienced Mentor Registered Posts: 624
    Are you doing DFS? If so this is examinable under IAS/IFRS.

    Regards
    Steve
  • themasterer
    themasterer Just Joined Registered Posts: 3
    I'm doing FRA. So, we're getting only the SSAPs and FRAs
  • peugeot
    peugeot Experienced Mentor Registered Posts: 624
    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
    lv9783 Feels At Home Registered Posts: 65
    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
    square-peg Well-Known Registered Posts: 143
    great summary Iv9783 - thanks for that. :thumbup1:
  • DaveIOW
    DaveIOW Feels At Home Registered Posts: 85
    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
    Rune Feels At Home Registered Posts: 91
    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
    Rune Feels At Home Registered Posts: 91
    Sorry its copied and pasted so may need a bit of gigging just copy and paste and regigggggg.....
  • DaveIOW
    DaveIOW Feels At Home Registered Posts: 85
    Thanks for that, forgot about materiality. I think prudence was absorbed into accruals concept when it moved from an ssap to an frs
  • Rune
    Rune Feels At Home Registered Posts: 91
    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
    square-peg Well-Known Registered Posts: 143
    cool - thanks for that Rune.
  • Esme
    Esme Experienced Mentor Registered Posts: 711
    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!!
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