Industry and the city: is R&D the key?

Article Abstract:

The poor movement of information between companies and the city government of London is blamed for the low corporate spending on long-term investment and civil R&D. Despite revisions of the Statement of Standard Accounting Practice No 13 requiring disclosure of the amount spent on R&D and the proposal of the Innovation Advisory Board to set up a UK R&D scoreboard, the need to further increase the degree of information on R&D spending persists. According to a survey of accountants from 109 companies, improvements still have to made on published information regarding R&D expenditure, particularly its business value. In view of this, the Institutional Shareholders Committee advocates the usage of data on current sales ascribed to products introduced to the market in the last three to five years as indicators of return on investment on R&D. The survey highlights the importance of communication in improving capital market efficiency.

Evaluation, Industrial research, Business communication

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Amendment to SSAP 8 "The treatment of taxation under the imputation system in the accounts of companies," presentation of dividend income

Article Abstract:

The Accounting Standards Board (ASB) has issued an exposure draft of its proposed amendment to Statement of Standard Accounting Practice (SSAP) No 8, 'The treatment of taxation under the imputation system in the accounts of companies.' The affected provisions are those pertaining to the presentation of dividends companies based in the UK and Ireland. Specifically, the proposed changes are in paragraphs 1, 4 13, 22 and 25 and in Appendices 1, 2 and 3. The change has been recommended by the ASB's Issues Task Force, which is convinced that it makes better sense for dividends received to be reported as the pre-tax income of the amount of the dividend that is tax-free income in its hands. The accounting periods covered by the draft amendment to SSAP 8 will be announced after the document's exposure.

Standards, Accounting and auditing, Accounting, Dividends, Accounting Standards Board, Taxation

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