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This followed the issue of FRS 100 Application of Financial Reporting Requirements and FRS 101 The Reduced Disclosure Framework in November 2012. Together these standards make up what is commonly being referred to by accountants as new UK GAAP, which takes mandatory effect for accounting periods commencing on or after 1 January 2015.
Charities SORP (FRS 102) – Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2015) Further and Higher Education
Non-current Assets Held for Sale and Discontinued Operations 2004 January 1, 2005: IFRS 6: Exploration for and Evaluation of Mineral Resources 2004 January 1, 2006: IFRS 7: Financial Instruments: Disclosures 2005 January 1, 2007: IFRS 8: Operating Segments 2006 January 1, 2009: IFRS 9: Financial Instruments: 2009 (updated 2014) January 1, 2018 ...
In 2002, the European Union (EU) agreed that, from 1 January 2005, International Financial Reporting Standards would apply for the consolidated accounts of the EU listed companies, bringing about the introduction of IFRS to many large entities. Other countries have since followed the lead of the EU.
Each account in the chart of accounts is typically assigned a name. Accounts may also be assigned a unique account number by which the account can be identified. Account numbers may be structured to suit the needs of an organization, such as digit/s representing a division of the company, a department, the type of account, etc.
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Available for sale (AFS) is an accounting term used to classify financial assets. AFS is one of the three general classifications, along with held for trading and held to maturity , under U.S. Generally Accepted Accounting Principles (US GAAP), specifically FAS 115 .
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