Accounting principles are the fundamental rules, concepts, and guidelines governing currently accepted accounting practices and procedures. They form the foundation upon which financial transactions are recorded and reported, ensuring consistency, reliability, and comparability of financial statements.
Discontinued operations refer to components of a business that have been sold or permanently closed down, and their financial results are separated from continuing operations for reporting purposes.
Extraordinary items are costs or income that affect a company's profit and loss account but do not derive from the ordinary activities of the company. These items are unusual, infrequent, and not expected to recur.
A detailed overview of FRS 102, an accounting standard issued by the Financial Reporting Council in 2013 to supersede previous UK GAAP, bringing it in line with international standards.
An independent, privately funded organization responsible for developing and promoting international accounting standards to ensure high quality and comparable financial reporting globally.
