Amendment to SSAP 15 Accounting for Deferred Tax December 1992

Article Abstract:

Revisions were made on the Statement of Standard Accounting Practice (SSAP) No 15, 'Accounting for Deferred Tax.' The amendment allows preparers of financial reports to employ the same recognition guidelines for tax obligations on pensions and other post-employment benefits used in accounting for obligations of the provideers of those benefits. The modification was proposed by the Urgent Issues Task Force (UITF) of the Accounting Standards Board which recognized the conflictingprovisions of SSAP No 14 and SSAP No 24, Accounting for Pension Costs,' together with UITF Abstract No 6, 'Accounting for Post-Retirement Benefits other than Pensions.' The final revision came after consultations were made through the Financial Reporting Exposure Draft No 2, 'Amendment to SSAP 15,' issued on Nov 9, 1992.

Accounting Standards Board, Deferred tax (Accounting)

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Forging new accounting links

Article Abstract:

A wide gap between accounting practitioners and academics was identified in a recent report of the Institute of Chartered Accountants of Scotland. It is suggested that a strong effort be made to bridge that gap and explore a real partnership between the profession and universities. Universities could gain from the relationship, obtaining new financial and human resources for developing accounting as an academic subject. Accounting practitioners could benefit by getting greater access to the talents of individuals who are skilled in rigorous analysis of accounting and related concerns. The establishment of accounting standards in particular offers chances for fruitful cooperation between the profession and academia.

Research, Management, Scotland, Accountants, Business and education, Industry and education, Institute of Chartered Accountants of Scotland

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Making sense of pension costs

Article Abstract:

Standard statement of accounting practice (SSAP) number 24 concerns pension cost accounting, establishing a framework for determining pension costs and allowing the actuary to make professional judgments in choosing methods and adopting assumptions. It has been assumed that most firms will base their accounting policy on their funding policy, but now if they do not do so, details of both will have to be disclosed. Disclosures now required under SSAP 24 are more extensive than what financial statements have provided in the past, but much of the data is already available to pension scheme account members or on application.

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