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Definition of prepayments & accruals

Definitive definition?

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We all know what a prepayment and accrual is, but does anyone have a link to the actual definitions under UKGAAP/FRS102. I don’t seem to be able to find an accounting definition. 

Thanks 

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Psycho
By Wilson Philips
16th Aug 2019 16:46

Is it not implicit in the definition of the accruals basis of accounting?

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Replying to Wilson Philips:
RLI
By lionofludesch
16th Aug 2019 16:51

Why is there an accruals basis but no prepayment basis ?

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Replying to lionofludesch:
Psycho
By Wilson Philips
16th Aug 2019 16:54

My bad - it should be accrual (singular)

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Hallerud at Easter
By DJKL
17th Aug 2019 12:08

I think rather than per se looking for a definition for either accruals or prepayments one instead needs to look at say the section on Recognition in FRS102 , say 2.27 onwards to 2.52, and determine that both are "born" from the requirements in same re the recognition of assets and liabilities.

So they themselves are not defined but are spawned from,

"2.27 Recognition is the process of incorporating in the statement of financial position or statement of comprehensive income an item that meets the definition of an asset, liability, equity, income or expense and satisfies the following criteria:

(a) it is probable that any future economic benefit associated with the item will flow to or from the entity;

and

(b) the item has a cost or value that can be measured reliably."

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By paul.benny
19th Aug 2019 09:51

I'm curious. Why the question?

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