yr11_statements_policies

​Statement of Policies
These tell the reader of financial statements how the reports have been prepared. You need to __learn how to write each one of these 4 sentences word for word__. Remember you will have to __add the relevant business name__ and __what they do in the appropriate places__ in __bold text for the first__ one. The rest do not need anything extra added to them. Sometimes you will have to just fill in the missing words and other times you will need to write up all policies or just some of them.

Name and Nature ** These financial statements are prepared for **(//Business Name//)** a sole proprietorship specialising in **(//nature of business, e.g. plumbing services).//**
 * Statement of Accounting Policies for (write the name of the business) **
 * 

The financial statements have been prepared on the basis of historical cost.
 * Measurement Base **

Property, plant and equipment are stated at their original purchase price, and except for land, depreciated.
 * Property, Plant and Equipment **

The cost less residual value of property, plant and equipment (except for land) is depreciated over their estimated useful lives.
 * Depreciation **