December 1998 - the season of goodwill

Article Abstract:

New rules on accounting proposed by FRS 10 require the capitalization of intangible assets and purchased goodwill as assets, and the use of amortization or impairment reviews should their values lessen. Effective for the year 1998 and succeeding years thereon, FRS 10 is aimed at making management more accountable for its expenses on purchased goodwill and is a good measurement for any dip in the health of acquired businesses. FRS 10 will require firms to amortize over the assets' estimated lives, except when they are able to justify the indefinite long lives of their capitalized goodwill and intangible assets. Carrying values will be reviewed for impairment yearly for goodwill and intangible assets that are assigned indefinite lives or lives of over 20 years while one review a year after acquisition will be required for those with lives of less than 20 years.

Asset Accounting, Accounting and auditing, Practice, Intangible property, Intangible assets, Assets (Accounting), Goodwill (Business)

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To suit you, sir

Article Abstract:

Shareholders of listed companies should be provided with concise financial statements based on the preliminary announcement, recommends the Accounting Standards Board. Issues concerning the publication and efficacy of shorter statements are discussed.

Publishing industry, Models, Financial statements, Corporation reports, Company reports

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A step closer to harmony

Article Abstract:

Issues concerning the publication of accounting standard FRS 19, which addresses deferred tax, by the Accounting Standards Board in December 2000 are discussed.

Standards, Deferred tax (Accounting)

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