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Farewell, deferral method

Article Abstract:

The International Accounting Standards (IAS) Committee Board has finally completed the revision of its accounting standard on income taxes after 15 years of deliberations. The revised IAS No. 12, 'Income Taxes,' will replace IAS 12, 'Accounting for Taxes on Income.' The new standard introduces significant changes to income tax accounting, including the scrapping of the deferral method and of deferred tax assets and liabilities discounting. The standard also requires the recognition of deferred tax assets when it is probable that taxable profits against which the deferred taxes can be used will be available. In addition, full provision for deferred tax is required when an asset is revalued and when fair value adjustments are made in an acquisition. IAS 12 (revised) will take effect for financial statements covering periods starting on or after Jan. 1, 1998.

Author: Clark, Peter
Publisher: Institute of Chartered Accountants in England & Wales
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1996
Accounting Methods NEC, Standards, Tax accounting, Accounting and auditing, Income tax

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Good housekeeping

Article Abstract:

Guidance on the implementation of rules on accounting introduced by the International Accounting Standards Committee (IASC) is presented. The changes proposed by the IASC are explained and their effect on procedure detailed.

Author: Clark, Peter
Publisher: Institute of Chartered Accountants in England & Wales
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2000
Dividends, Practice, Pension funds, Accountants, Employee benefits

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Promoting fair value

Article Abstract:

Regulations about investment property developed by the International Accounting Standards Committee are presented. Property held through lease, under construction, and barriers to measuring fair value are discussed.

Author: Clark, Peter
Publisher: Institute of Chartered Accountants in England & Wales
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1999
Management, Real estate, Investments, Real property

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Subjects list: Accounting, International Accounting Standards Board, Laws, regulations and rules
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