FRS 18 sets out two main qualitative characteristics (relevance & reliability) and fourenhancing qualitative characteristics that information in the financial statements shouldpossess in order for the content of the financial statements to be useful to its users.When an accounting policy is to be selected, its appropriateness to the businessshould also be considered against these qualities. … Read More

  WHAT ARE THE FINANCIAL STATEMENTS IN ACCOUNTS? Transcending from the trial balance, the financial statements will need to be prepared using the closing balances derived from the trial balance. The two main financial statements are the: ·        Statement of profit or loss (profit or loss account) and the ·        Statement of financial position (balance … Read More