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UITF 40

Members of the Institute of Chartered Accountants in England and Wales (being we are told the UK's premier accountancy body) might by now have expected some detailed guidance concerning the application of this statement. However the answer to FAQ 24 on the section of the Institute's website devoted to UITF 40 contains the sentence: 'The ICAEW believes that the abstract is sufficiently clear for members to be able to use their professional judgment regarding its application.'
 The 'Practice Materials' relating to UITF 40 on the Institute's website appear to assume an interpretation of UITF 40 which is not shared by all commentators and the unwillingness of the Institute to be drawn into a debate concerning interpretation is puzzling. The Practice Materials also talk about the ways some practitioners have suggested of avoiding the thrust of the abstract. However I feel sure that most...