FRS 18 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:

• icaew.com/newukgaap

Synopsis

FRS 18 sets out the principles to be followed in selecting accounting policies and the disclosures needed to help users to understand the accounting policies adopted and how they have been applied.

• The accounting policies chosen by an entity should be appropriate to its particular circumstances.
• This should be judged against the objectives of relevance, reliability, comparability and understandability. 
• Accounting policies should be reviewed regularly for continued appropriateness.

• Read FRC Summary on FRS 18

Last updated 21 June 2015