A modification of the historical-cost convention in which certain assets are included at revalued amounts rather than their original cost. This approach is permitted under specific regulations such as the Companies Act.
An accounting method of presenting financial information on different bases such as historical-cost convention, modified historical-cost convention, and replacement cost, in a columnar format to facilitate better understanding by users.
In accounting, a normal standard represents an average standard that is used in standard costing. It is set to be applied over a future period during which conditions are expected to remain relatively stable.
Notes to the accounts, also known as notes to financial statements, provide detailed information and explanations that support and complement a company's financial statements. These notes help users understand and interpret the financial data and the company's overall performance and financial health.
An operating lease is a lease agreement that is not a finance lease, in which the lessor retains significant risks and rewards of ownership.
Post-balance-sheet events, also known as subsequent events, are events or transactions that occur after the balance sheet date but before the financial statements are issued or available to be issued. These events sometimes impact the financial reporting and disclosures of the entity.
Benefits provided by an employer to former employees, typically those who have retired. The accounting treatment for these benefits, including health care and pensions, varies based on whether they are part of a defined-contribution or defined-benefit pension scheme.
The qualitative characteristics of accounting information ensure that financial reports are as useful and accurate as possible, governed by various standards and frameworks in different regions.
The principle that financial information must influence decisions, offering predictive value or confirmation/correction of prior expectations. This concept is vital in both financial reporting and decision-making, encompassing relevant cost and relevant income.
A business segment for which information is required to be disclosed in financial reports, as dictated by accounting standards and regulations.
An abbreviation with differing definitions in the United Kingdom and the United States, crucial for understanding standardized auditing practices.
The Standard Interpretations Committee (SIC), now known as the International Financial Reporting Interpretations Committee (IFRIC), was established by the International Accounting Standards Committee (IASC) to provide interpretations of International Financial Reporting Standards (IFRS). These interpretations aimed to standardize the application of accounting standards across various regions and industries.
The Standard Interpretations Committee (SIC), also known as the IFRIC (International Financial Reporting Interpretations Committee), develops interpretations of accounting standards to address issues that are not specifically covered in International Financial Reporting Standards (IFRS).
The Statement of Financial Accounting Standards (SFAS) was a formal set of authoritative rules and guidelines issued by the Financial Accounting Standards Board (FASB) that governed accounting practices in the United States until 2009.
Statements detailing the financial accounting and reporting requirements established by the Financial Accounting Standards Board (FASB), forming part of the generally accepted accounting principles (GAAP) in the USA.
A significant document issued by the Accounting Standards Board (ASB) intended to establish a conceptual framework for UK accounting standards, comprising seven key chapters and serving as the cornerstone for the Financial Reporting Standard Applicable in the UK and Republic of Ireland.
The Statement of Recommended Practice (SORP) provides guidance on accounting standards and practices for specific industries and sectors.
A non-mandatory statement dealing with accounting topics relevant to a particular industry or sector in the UK, issued by recognized bodies within those industries and approved by the Financial Reporting Council (FRC).
Statements of Standard Accounting Practice (SSAPs) are formal standards for financial reporting and accounting, issued by recognized authorities to ensure consistency, transparency, and adherence to best practices across organizations.
Statements of Standard Accounting Practice (SSAPs) are a series of accounting standards issued by the Accounting Standards Committee between 1971 and 1990. These standards were utilized to ensure consistency and reliability in financial reporting practices.
The Trueblood Report, prepared by a committee chaired by Robert M. Trueblood and published by the American Institute of Certified Public Accountants (AICPA) in 1971, aims to define the fundamental objectives of financial statements. The report was instrumental in shaping the Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Concepts No. 1.
UK GAAP refers to the practices followed by British accountants in preparing company accounts, governed by accounting standards, theoretical accounting concepts, and legal requirements. These are increasingly critical in determining taxable profits.
UK GAAP, or Generally Accepted Accounting Practice, refers to the framework of accounting standards and principles that accountants in the United Kingdom must follow to ensure financial statements are consistent and comparable.
The Urgent Issues Task Force (UITF) is a body responsible for providing timely guidance on new or emerging accounting issues that may not yet be addressed sufficiently by existing standards.
