Accounting, Principles & Procedures

Question 1

What practice is required for preparing financial and reports and accounts?

Answer 1

UK Generally Accepted Accounting Practice (UK GAAP)

• Balance sheet
• Profit and loss statement
• Made available to HRMC

Question 2

What international standards are there for financial reporting?

Answer 2

IFRS - International Financial Reporting Standards

IFRS 16
- Lease accounting standard
IFRS 13
- Fair value (accounts)