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MARK LEE of Shaw & Co unravels the tax questions that have been building up over the last year in relation to the new rules on revenue recognition.
ABSTRACT 40 WAS intended to clarify questions generated at the end of 2003 by the publication of Application Note G (ANG) to Financial Reporting Standard 5. This article considers the tax implications that arise in connection with it (see Table ). The tax issues are of particular relevance to all businesses providing services over a period of time.
MARK LEE of Shaw & Co unravels the tax questions that have been building up over the last year in relation to the new rules on revenue recognition.
ABSTRACT 40 WAS intended to clarify questions generated at the end of 2003 by the publication of Application Note G (ANG) to Financial Reporting Standard 5. This article considers the tax implications that arise in connection with it (see Table ). The tax issues are of particular relevance to all businesses providing services over a period of time.
The potentially contentious issue remains the apparent requirement to accrue certain income into an earlier accounting period than that in which it would otherwise have been reflected. I do not intend to debate the arguments for and against this principle as I assume there are others better placed than I to do this.
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