The UK Accounting Standards Board’s Urgent Issues Task Force will publish an information sheet on Tuesday that is expected to deal with FRS5 after a committee meeting last week concluded that some areas of the standard do require further explanation.
Concerns had been raised that businesses could face huge tax bills next year due to the change in the treatment of partner’s time and the valuation of all work in progress at selling price.
Although some bodies have released interim guidance on the standard, it is thought that the lack of an authoritative clarification has damaged attempts to persuade the Inland Revenue to accept some form of smoothing arrangement for companies during the first few years of the new rules, according to The Herald.
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season