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Glossary - Pg. 219

Glossary Synonyms are shown in bold italics in brackets Abbreviated accounts Abbreviated version of the annual report and accounts for filing at Companies House. Accounting period The time between two consecutive balance sheet dates (and therefore the period to which the profit and loss account and cash flow statement relate). Accounting policies The specific methods chosen by companies to account for certain items (e.g. stock, depreciation) subject to the guidelines of the accounting standards. Accounting standards The accounting rules and guidelines issued by the recognised authority (currently the Accounting Standards Board). Accounting Standards Board (ASB) The body currently responsible for accounting standards. Find out more at