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GEORGE BULL and PETER CASS explain the importance of the May 2009 letter from the Accounting Standards Board
KEY POINTS
- Impact of UITF40 on professional firms.
- Difference between SSAP9 and UITF40.
- Two ways to treat costs on contingent fee contracts.
- ASB say either is acceptable.
- Is more upheaval to come?
For something that are supposedly as certain as death taxes can be surprisingly capricious.
For example the general notion is that it’s good to be exempt from tax bad to be taxable. Well not necessarily. There’s much fun to be had in winding up our VAT colleagues pointing out that their chosen tax is unnatural because it’s good to be taxable bad to be exempt.
So it was when Application Note G to Financial Reporting Standard 5 was published in November 2003. Application Note G reflected a concern that for some businesses – hotels and IT...
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