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Vol 21 No 10 Oct/Nov 2016

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Accounting Principles for Tax Purposes 5th ed


ISBN13: 9781780434551
Previous Edition ISBN: 9781847663801
Published: May 2014
Publisher: Bloomsbury Professional
Country of Publication: UK
Format: Paperback
Price: £98.00



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Accounting Principles for Tax Purposes bridges the gap between tax and accountancy and is the only work of reference that will guide you through the complex maze of accounting principles providing you with the key answers to interpreting accounts for tax and other purposes.

This is a practical work that is recognised in the tax profession as the bible for non-accounting professionals who have to use accounts in their work.

This new edition has been completely updated to examine recent developments affecting the interface between accounting and tax rules and regulations. This title is written for tax practitioners who wish to gain a better understanding of accounting rules in the UK, how these are applied in different circumstances to a set of financial statements and what the resultant impact on the taxable profit is.

The starting basis for tax computation for a business for either income tax or corporation tax is a set of accounts prepared in accordance with financial reporting standards. HMRC employ a number of accounting specialists who consider whether the accounting treatment in a particular case is correct. While this is particularly prevalent for large companies, it is also a key issue for the smaller business. Accounting flaws will have an impact on the tax treatment and may well give HMRC grounds for discovery assessments.

The previous edition was published back in 2010 and since that time there have been a number of important developments that necessitate a fifth edition. There is a fundamental change in the structure of UK accounting standards. For some time the existing set of standards that comprises UK GAAP have been viewed as no longer fit for purpose.

As a result, three new standards (FRSs 100-102) have been introduced and replace the existing standards as of January 2015. As they are loosely based on IFRS, accountants will have a range of issues to understand from changes in terminology to presentational issues. Includes the following cases: Smith vs HMRC (2011) STC 1724 where the recognition of income was queried; Greenback Holidays vs HMRC (2011) STC 1582 which focused on the definition and accounting treatment of goodwill; Greene King plc v HMRC (2012) UKFTT 385 (TC) which dealt with tax avoidance across different companies within a group and has major implications for tax advisors, taxpayers and auditors.

Subjects:
Taxation, Accounting
Contents:
Chapter 1 Introduction

Part I Accounting Principles and Financial Statements
Chapter 2 The Legal and Institutional Framework
Chapter 3 Financial Statements - What is GAAP?
Chapter 4 An Accounting Overview hapter 5 Back to Basics: Accounting Principles
Chapter 6 The Form and Content of Financial Statements
Chapter 7 Statements of Cash Flow
Chapter 8 Events after the Reporting Period
Chapter 9 Related Parties
Chapter 10 Accounting for Tax

Part II Basic Accounting Issues
Chapter 11 Revenue Recognition
Chapter 12 Inventories
Chapter 13 Goodwill and Intangible Assets
Chapter 14 Property, Plant and Equipment
Chapter 15 Investment Property
Chapter 16 Depreciation, Amortisation and Impairment
Chapter 17 Acquiring Assets on Finance
Chapter 18 Financial Instruments
Chapter 19 Liabilities and Equity, Provisions and Contingencies
Chapter 20 Employee Benefits
Chapter 21 Share-based Payments
Chapter 22 Government Grants
Chapter 23 Foreign Currency Translation

Part III Advanced Accounting Issues
Chapter 24 Groups
Chapter 25 Corporate Transactions - The Theory
Chapter 26 Corporate Transactions - The Practice

Part IV Special Situations
Chapter 27 Specialised Activities
Chapter 28 Limited Liability Partnerships
Chapter 29 Smaller Entities
Chapter 30 Transition to New GAAP

Part V Conceptual Developments
Chapter 31 Accounting and Tax Profit - Background and Present Position
Chapter 32 Future Developments

Appendix A Summary and Commentary on the Main Cases
Appendix B Accounting Ratios and Jargon
Appendix C Further Reading