Prudence and Public Accounts Committee: Difference between pages

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''Accounting.''  
''UK''.


The accounting practice of recognising income and assets only when they are reasonably certain, whilst recognising expenses and liabilities whenever they are probable.
(PAC).


The Public Accounts Committee is a committee of the UK parliament.


Prudence is not an excuse for accounting manipulations such as 'big bath' provisioning.
The Committee scrutinises the economy, efficiency and effectiveness of UK public spending, and generally holds the government and its civil servants to account for the delivery of public services.


 
Among others, this includes Her Majesty's Revenue & Customs (HMRC).
:<span style="color:#4B0082">'''''Neither overstate, nor understate'''''</span>
 
:Neutrality is supported by the exercise of prudence.
 
:Prudence is the exercise of caution when making judgements under conditions of uncertainty.
 
:Prudence does not allow for overstatement or understatement of assets, liabilities, income or expenses.
 
:''IFRS Conceptual Framework project summary, March 2018''




== See also ==
== See also ==
* [[Accounting concepts]]
* [[Her Majesty’s Revenue & Customs]]
* [[Accruals concept]]
* [[HM Treasury]]
* [[Big bath]]
* [[National Audit Office]]
* [[Conceptual framework]]
* [[Treasury Committee]]
* [[Consistency]]
* [[Disaggregation]]
* [[IFRS]]
* [[Neutrality]]


[[Category:Context_of_treasury]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]

Revision as of 17:09, 14 April 2019

UK.

(PAC).

The Public Accounts Committee is a committee of the UK parliament.

The Committee scrutinises the economy, efficiency and effectiveness of UK public spending, and generally holds the government and its civil servants to account for the delivery of public services.

Among others, this includes Her Majesty's Revenue & Customs (HMRC).


See also

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