Link: FRS17 special report
UBS Warburg warned that FRS17 could severely influence reported earnings following the publishing of a report on how 18 leading British media companies accounted for pensions under the new regime.
The report took 2003 forecast earnings figures for each company and applied various assumed pension deficit figures and found that the results varied wildly from those previously stated. Carlton for instance saw its adjusted earnings move from -12% to +10% while EMI’s earning were understated by 8%.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements