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Accounting Principles for Tax Purposes, 6th edition

Accounting Principles for Tax Purposes, 6th edition

Author: Lynne Oats; Bill Telford
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
ISBN: 9781526503978
Published In: February 2018
Format: Paperback , 476 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents
Author

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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.

Significant areas of update:

The previous (5th) edition was published in May 2014, and therefore included the changes to accounting principles as a result of the new UK financial reporting framework coming into force from 1 January 2015.

However, since then, there have been several developments and amendments to the new UK GAAP framework and the standards themselves, including:

Amendments to FRS 102 in respect of Financial Instruments classification and hedging rules issued in 2014;
Further guidance issued by ICAEW and FRC on accounting for loans at an interest rate other than a market rate;
Withdrawal of the FRSSE for small entities with effect from 1 January 2016 and the application of FRS 102 to small entities and the new FRS 105 for micro-entities;
Accompanying changes to companies legislation, particularly in respect of small entities, as a result of the implementation of the EU Accounting Directive;
Changes to small and medium-sized company qualifying criteria;
Proposed changes to FRS 102 in FRED 67 (inclusion or reference thereto may be dependent on publication date of revised standard).

In addition, as many entities are now preparing accounts under FRS 102, there is scope for the existing text to be updated where necessary for the practical experience since implementation.

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
Chapter 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

Bill Telford is a freelance lecturer and training consultant specialising in
financial reporting and auditing with a particular emphasis on owner-managed businesses. He is an expert in the relationship between tax and accounts, having worked in this area for the past 20 years. Bill regularly contributes articles to
leading tax publications.

Lynne Oats is the Professor of Taxation and Accountancy at Exeter University, Deputy Director of the Tax Administration Research Centre and Vice Chair of the UK Tax Research Network. She is also the Assistant Editor of British Tax Review and co-author of Principles of International Taxation (Bloomsbury Professional).