Stub Crimper

To those sitting professional development papers in accounting next month, Stub Crimper is a good mnemonic to help remember the nine fundamental characteristics of financial statements under, and away from, exams conditions.

The letters stand for:

S – substance over form

T – timeliness

U – understandability

B – balance between costs and benefits

C – completeness

R – reliability

I – n/a

M – materiality

P – prudence

E – n/a

R – relevance

Let it not be said that we don’t do our bit :). Good luck all.