Accounting solutions

Article Abstract:

Issues are presented concerning the provisions for the deferment of taxation on goodwill. The adoption of suitable accounting policies for the preparation of group and subsidiary accounts is discussed.

Management, Taxation, Corporation reports, Company reports, Goodwill (Business)

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The merits of a conceptual framework: does the Accounting Standards Board really need its Statement of Principles?

Article Abstract:

The Accounting Standards Board (ASB) had decided in 1991 to develop a 'Statement of Principles' to provide some form of framework for accounting. These principles are to be expressed within seven chapters namely, Objectives, Qualitative Characteristics, Elements, Recognition, Valuation and Measurement, Presentation, and the Reporting Entity. To date, the drafts of the first, second and sixth chapters have been made public. The Statement of Principles should not be expected to provide the solution to all accounting problems, but it does have the potential to maintain consistency among the various accounting standards. The Statement could also provide some clues for the resolution problems not directly addressed in individual standards.

United Kingdom. Accounting Standards Committee

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With a little help from our friends: The UK's FRS 15 is part helpful, part pragmatic and part downright perplexing

Article Abstract:

The UK's FRS 15 guidance on cost helps to decide what incidental costs should capitalized. Much of the guidance is helpful, although not essential, and the section on 'subsequent expenditure' is perplexing as it confirms that repairs and maintenance costs be written off when incurred, but then states that subsequent expenditure be capitalized in certain circumstances. In some cases this is applied to examples where there is inspection or overhaul, which may strike some as contrived, but is a response to restrictions in FRS 12.

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