No allowances for inefficiency or wastage of labour or materials. Assumes perfect conditions.

expected level and under normal conditions (includes some level of wastage and inefficiency)

the level that the organisation wishes to achieve under current conditions

Historical standard that allows comparisons over long periods of time

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Standards

AAT Level 4 Financial Performance

Term	Definition
Ideal standards	No allowances for inefficiency or wastage of labour or materials. Assumes perfect conditions.
Normal standards	expected level and under normal conditions (includes some level of wastage and inefficiency)
Target standards	the level that the organisation wishes to achieve under current conditions
Basic standards	Historical standard that allows comparisons over long periods of time