Small businesses - what the researchers say

Article Abstract:

In Great Britain, there are approximately 1.3 million small business establishments, most of which employ 15 or more people. Consequently, the cultivation of small business is a major factor in reducing British unemployment levels. However, many auditing and accounting regulations promulgated by the British Registrar of Companies (including the Data Protection Act and requirements for at least two sets of audited financial statements) tend to work against the cultivation of small business in Britain.Proposed revisions to these requirements are discussed, among the proposals are: the replacement of audits with independently prepared financial statements and the relaxation of reporting requirements. As recently as May 1986, the British government decided against such proposed changes, but the debate continues.

Analysis, Small business, Statistics, Corporations, Corporations, British

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Keeping faith in charities

Article Abstract:

Scottish charities need to run themselves like commercial businesses and use proper accounting techniques if they are going to operate effectively and maximize support for their chosen beneficiaries. Some of the accounting considerations facing charities involve: accounting non-cash income and other non-cash donations in kind; consolidating similar subsidiary companies; and disclosing the remuneration of directors and employees. Other considerations include taxation related to trading profits and value added taxes.

Scotland

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Simply does it for charity accounting

Article Abstract:

Recommendations are made by the Accounting Standards Committee of the Institute of Chartered Accountants of Scotland on best accounting practices for charities. It is suggested that charity accounts be kept factual, simple, and with narratives to explain how the figures should be interpreted. Such an approach is exemplified for charity legacy income, realized gains on disposal of investments, and on fixed assets.

Educational, religious, etc. trusts, Charitable societies

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