Accounting standards

[HannahLouise]

Hi - for the exam I was hoping to learn the key differences between the 3 accounting standards covered in the course but I'm having trouble trying to pick out what the differences actually are from the way it's set out in the chapter notes. Would it be possible to provide some guidance on which aspects of the standards I should focus on here? Thanks

 

[Stuart Underwood]

Hi Hannah

Heavy going, isn't it? A lot of the queries we get on the SA4 forums seem to be about accounting.

Perhaps make yourself a table, that contains all the things that you'd want to compare and contrast the three standards on.

I'll start you off, with a very easy example (where they're all the same)!

------------------------ FRS --- FAS --- IAS
Funding method------ PU ---- PU ---- PU


So perhaps start by making yourself a list of questions about each standard.

You may find the answer in the Core Reading for some standards but not others. In this case:
- you could just leave that entry blank in your table (on the basis that if it's not Core Reading, it's less likely to be examined)
- or refer back to the standards themselves to find the answer (noting that some standards may be silent on the issue).

Hope this helps

Best wishes
Stuart

Stuart Underwood
ActEd Tutor