This is a standard acronym; just because you are not familiar with it, does not mean I am using 'text speak' in a professional conversation. BPP are the training provider I use (I am currently studying towards my ACCA and have only my strategic papers left) and they use SPL and SOFP (Statement of Financial Position) as standard acronyms because this is the 'new money' version of P&L and Balance Sheet.
Accountants that trained many years ago will only use the latter, whereas those of us that are more recently trained will use both interchangeably dependent on who we are conversing with.
Agreed, however some accountants will include the employer NI within the wages expense account as opposed to an expense in itself, which may be the reason for some of the other replies.
FRS102 - I did think so but couldn't think what wording to use to confirm.
Thank you, I've found a note in our system that can be added to the FS - I don't believe there to be an impact on Going Concern in this instance so happy for the disclosure to purely state the value of the impairment that has occurred.
My answers
This is a standard acronym; just because you are not familiar with it, does not mean I am using 'text speak' in a professional conversation. BPP are the training provider I use (I am currently studying towards my ACCA and have only my strategic papers left) and they use SPL and SOFP (Statement of Financial Position) as standard acronyms because this is the 'new money' version of P&L and Balance Sheet.
Accountants that trained many years ago will only use the latter, whereas those of us that are more recently trained will use both interchangeably dependent on who we are conversing with.
Agreed, however some accountants will include the employer NI within the wages expense account as opposed to an expense in itself, which may be the reason for some of the other replies.
Thank you to those that responded, I did think it should be a reduction to wages.
To those confused by the SPL reference, it's Statement of Profit or Loss in new money, apologies for the confusion!
Hi John
FRS102 - I did think so but couldn't think what wording to use to confirm.
Thank you, I've found a note in our system that can be added to the FS - I don't believe there to be an impact on Going Concern in this instance so happy for the disclosure to purely state the value of the impairment that has occurred.
Many thanks for your help.