ACCOUNTING STANDARDS AND POLICIES

Question 1

IFRS

Answer 1

International Financial Reporting Standard

Established so that business accounts can be understood from Company to Company and from country to country

Question 2

IAS

Answer 2

International Accounting Standards

Question 3

IASB

Answer 3

International Accounting Standards Board

Question 4

UK GAAP

Answer 4

UK Generally Accepted Accounting Practice

Question 5

IAS-1

Answer 5

Presentation of financial statement

Question 6

IAS-2
INVENTORIES

Answer 6

Guidance on the acceptable methods of valuing good held in stock

Question 7

IAS- 16
PROPERTY, PLANT AND EQUIPMENT

Answer 7

Guidance on how to determine carrying amount of non-current assets

Question 8

Companies Act

Answer 8

Primary source of UK Guidance Law