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Glossary

Find definitions of terms and acronyms used by the Electoral Commission.

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Accounting standards

Accounts, which are intended to show a true and fair view, must conform to certain standards issued by the Accounting Standards Board. These standards, with which professional accountants are expected to be familiar, comprise a number of 'Statements of Standard Accounting Practice' (SSAP) and - 'Financial Reporting Standards' (FRS) and 'Urgent Issues Taskforce abstracts' (UITF abstracts).

Accounting unit

A constituent or affiliated organisation which is responsible for its own financial affairs separately from those of the party's central organisation.

Accumulated fund

This represents the capital of the organisation but it is not referred to as 'capital'. It is an accumulation of surpluses over the years and hence the term Accumulated Fund.

Assets

The assets of a party are the money, goods and property that it possesses; including any legal rights it may have to receive money, goods, services and property from others. Fixed assets are assets which continue to be of value to the party year after year and which the trustees hold on a long-term basis and therefore do not intend to dispose of in the short term.

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