Intangible assets are non-physical assets that are identifiable and have a useful life that extends beyond one year. Examples of intangible assets include trademarks, copyrights, patents, and customer relationships. FRS 102, the financial reporting standard that applies in the United Kingdom, includes detailed guidance on the accounting treatment of intangible assets. According to FRS 102,… Continue reading Intangible assets (UK)
Category: UK GAAP
Property, plant and equipment
Property, plant, and equipment (PP&E) are long-term assets that are used in the production or supply of goods and services. They include a wide range of assets, such as land and buildings, machinery and equipment, and vehicles and other vehicles. FRS 102, the financial reporting standard that applies in the United Kingdom, includes detailed guidance… Continue reading Property, plant and equipment
Inventories
Inventory is a term used in accounting to refer to the raw materials, unfinished goods, and finished goods that a business holds for sale or use in the production of other goods. FRS 102, the financial reporting standard that applies in the United Kingdom, includes guidance on the accounting treatment of inventory. According to FRS… Continue reading Inventories
FRS 102
FRS 102 is a financial reporting standard that was introduced in the United Kingdom in 2013. It replaces previous UK GAAP and is designed to bring UK accounting standards in line with International Financial Reporting Standards (IFRS). FRS 102 is divided into four parts: The Framework for the Preparation and Presentation of Financial Statements This… Continue reading FRS 102