Disclosure of accounting policies

Which accounting policies to keep in accounts.

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I've been trying to find out which accounting policies are mandatory and which are not and which would exempt (if any) if accounts are prepared under FRS 102 1A. 

For example, in some accounts I've come across I don't see any accounting policy on debtors or creditors but some accounts do. Some accountants put them in while others don't.

Can someone kindly point me in the right direction on where to find a list of mandatory and voluntary (good practice) accounting policies required to be disclosed under FRS 102 and FRS 102 1A.

Many thanks

Replies (3)

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By Duggimon
10th Sep 2018 13:39

The parts of the FRS relating to this aren't that long, just read them. Generally speaking - include whatever policies have a material impact on the statements or any policy deviating from the normal expected treatment in the FRS.

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By Mukkarram Ali
10th Sep 2018 15:37

Thanks, I had seen FRS 102 standard but it was very judgmental in it's approach to disclosures which is why I asked.

Thank you both for your answers. I now have peace of mind that I was not overlooking anything.

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