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Generally Accepted Accounting Practices GAAP UK

In this course, you’ll gain an understanding of the Generally Accepted Accounting Practices (GAAP) in the UK, focusing on the Financial Reporting Standards (FRS) issued by the Financial Reporting Council (FRC). Specifically, we will delve into FRS102, which is crucial for Quantity Surveyors as it governs financial reporting on construction projects. You’ll learn about three key concepts within FRS102—Recognised Revenue, Recognised Expense, and Prudence—and how they apply to financial reporting through Value of Work Done (VOWD) and Cost Value Reconciliations (CVRs).

20 minutes
1 video
1 transcript
key points
1 quiz

What you will work through

1 of 4
WatchVideoThe core idea explained, step by step.
2 of 4
ReadTranscriptThe full transcript, to go back over the detail.
3 of 4
Take inKey pointsThe key points, ready for revision.
4 of 4
Quiz1 quizPass to earn your CPD certificate.

In this course, you’ll gain an understanding of the Generally Accepted Accounting Practices (GAAP) in the UK, focusing on the Financial Reporting Standards (FRS) issued by the Financial Reporting Council (FRC). Specifically, we will delve into FRS102, which is crucial for Quantity Surveyors as it governs financial reporting on construction projects. You’ll learn about three key concepts within FRS102—Recognised Revenue, Recognised Expense, and Prudence—and how they apply to financial reporting through Value of Work Done (VOWD) and Cost Value Reconciliations (CVRs).

 

What Does This Course Entail?

One Video

One Detailed Transcription

Key Points

One Quiz

 

How Long Will This Course Take?

20 minutes

Curriculum

  • 1 Section
  • 2 Lessons
  • Lifetime
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