accruals concept From: A Dictionary of Finance and Banking | Date: 1997 | © A Dictionary of Finance and Banking 1997, originally published by Oxford University Press 1997. Copyright information

accruals concept One of the four fundamental concepts contained in Statement of Standard Accounting Practice 2, ‘Disclosure of Accounting Policies’, and one of the principles in the Companies Act 1985. 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...

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