Non-current and Substance over form: Difference between pages

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imported>Doug Williamson
(Layout.)
 
imported>Doug Williamson
(Update for FRS 102)
 
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''Financial reporting - balance sheet - assets & liabilities.''
''Accounting.''  


Non-current assets are likely to be converted into cash after more than a year, or a normal accounting cycle.
The accounting principle that financial transactions and financial relationships are dealt with and presented in accordance with their commercial substance.


Noncurrent liabilities are likely to be settled after more than a year (or a normal accounting cycle).
(Even if this differs from the legal form of the transaction.)
 
 
Relevant accounting standards include Sections 2, 11, 12 and 23 of FRS 102.




== See also ==
== See also ==
* [[Balance sheet]]
* [[FRS  102]]
* [[Current assets]]
* [[Current liabilities]]
* [[Financial reporting]]
* [[Property, plant and equipment]]
 
[[Category:Accounting,_tax_and_regulation]]

Revision as of 11:38, 6 November 2015

Accounting.

The accounting principle that financial transactions and financial relationships are dealt with and presented in accordance with their commercial substance.

(Even if this differs from the legal form of the transaction.)


Relevant accounting standards include Sections 2, 11, 12 and 23 of FRS 102.


See also