| 单词 | accruals concept |
| 释义 | accruals concept accruals concept A fundamental accounting concept recognized in the Financial Reporting Standard Applicable in the UK and Republic of Ireland. It requires that revenue and costs are recognized as they are earned or incurred, not as money is received or paid. Income and expenses should be matched with one another, as far as their relationship can be established or justifiably assumed, and dealt with in the profit and loss account of the period to which they relate. Accruals and prepayments are examples of the application of the accruals concept in practice. For example, if a rates bill for both a current and future period is paid, that part relating to the future period is carried forward as a current asset (a prepayment) until it can be matched to the future periods. The relevant international standard is International Accounting Standard 18. |
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