FRS18 and ssap9

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Whats the best way to remember these terms.<BR><BR>I know the SSAP9 is the lowest stock value.<BR><BR>But what does the FRS18 stand for.<BR><BR>Reply as soon as possible.<BR><BR>Thanks<BR><BR>

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRS18 and ssap9

    FRS18 is the accounting concepts/policies<BR>going concern<BR>Accruals<BR>Prudence<BR>Consistancy<BR>Materiality
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRS18 and ssap9

    please breakdown.<BR><BR>What type of definition is this for.<BR><BR>Please giv an example.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRS18 and ssap9

    and dont forget SSAP5 - for vat and SSAP21 for finance and operating leases
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRS18 and ssap9

    see earlier post<BR>http://www.aat.co.uk/forums/messageview.cfm?catid=43&threadid=7014<BR&gt;
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRS18 and ssap9

    Hi.<BR><BR>SSAP 9 is the lower of cost or net realisable value.<BR><BR>You may get a question that says "the closing stock figure includes stock that cost £500 which has been sold for £300"<BR><BR>You would reduce the stock figure by the £200 difference. You then may get a memo asking you why you did this - the answer is SSAP 9 tells you to.<BR><BR>You can also deduct any cleaning, marketing costs, etc. So if in the above example you had sold the stock for £300 after spending £100 on cleaning it - you would deduct the £100 as well.<BR><BR>Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRS18 and ssap9

    There is also FRS 15 - Fixed Assets
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRS18 and ssap9

    4points to consider before choosing policies:<BR>reliability<BR>relevance<BR>comparability<BR>understandability

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