Academic research and accounting practice
Article Abstract:
The publication of William Baxter's recent paper on accounting research by the Institute of Chartered Accountants of Scotland has caused controversy and debate. Academic research is centered on basic theory and concepts and often reflects current intellectual fashions or esoteric subjects. Practitioners are instead eager to read about new methods for daily application, instead of obscure and incomprehensible results. The resulting communication gap and tension between the two groups can be improved by redirecting research toward practical accounting and auditing problems. Practitioners should value this change and re-examine their biases and anti-intellectual attitudes.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1988
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Planning for the future inheritance tax
Article Abstract:
A potentially exempt transfer (PET) can minimize the impact of the two British inheritance tax rates of zero percent and 40% effective Mar 15, 1988. The applicable rate depends on the cumulative chargeable transfers in a seven-year period including PET. Elderly or ill clients are not likely to benefit because they may not survive the required seven years. The inherent risk in PET is greater for clients that need income from business or agricultural property. Assets with a growth capability are good choices for PET. Whether assets are for potential growth or income production determines the order and timing of PET.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1988
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- Abstracts: Current directions in auditing research. Frank Kidd: the new president (Institute of Chartered Accountants of Scotland)
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