Going Concern - It is assumed that the business will continue in existence in the future, Accruals - If expenses or income relate to a particular period, they are charged to that period regardless of whether or not they have been paid or received, Prudence - Profits/Incomes are not recorded until they have been realised. However, provision is made for any expected losses, Consistency - Accounts are prepared using the same accounting systems from period to period so that meaningful comparsions can be made, Entity - The business is seen as separate to its owners, Objectivity - Accounts are prepared on a factual basis and are free from personal bias of the accountant, Accounting Bases - These are methods used to apply accounting concepts to the accounts eg. Depr straight line, Accounting Policy - These are specific methods chosen for use by the firm eg FIFO for stock valuation, FRC - Financial Reporting Council - accounting body responsible for Accounting Standards in the UK and Ireland, SSAP's - Statements of Standard Accounting Practice, FRS's - Financial Reporting Standards, Regulatory Framework is provided by 4 bodies - 1. Government - Companies Acts, 2. The EU - directives, 3. Accounting Profession - SSAP's & FRS's, 4. Stock Exchange (Public companies only),

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