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).
What Does This Course Entail?
One Video
One Detailed Transcription
Key Points
One Quiz
How Long Will This Course Take?
20 minutes
