Making that report still more valuable

Article Abstract:

The Institute of Chartered Accountants of Scotland Research Committee's discussion document 'Making Corporate Reports Valuable' proposes some valuable new changes to reporting practices, but some of its suggestions need further work. The document does away with the rules regarding realization, depreciation offset by appreciation, and historical cost. These rules are replaced with new frameworks for figures of market capitalization, statements, and frequent monitoring. The report suggests that firm valuation should be conducted by total estimates of future cash flows, as well as the current asset by asset technique. The report also suggests that financial reports should explain any discrepancy between the two figures. However, the report unfortunately omits any reforms relating to no-par-value shares and accounting for inflation.

Methods, Analysis, Accounting, Corporation reports, Company reports

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Taxing aliment under Scots law

Article Abstract:

The tax treatment of alimony under Scots law is discussed. A practical guide to accounting for taxes related to alimony payments is provided by the Institute of Chartered Accountants of Scotland, based on statements and interpretations it has received from the Inland Revenue. The requirements for tax relief are described, and annual payments are defined. The effect of settlements legislation on alimony payments, the provision of tax relief, and the taxation of alimony received are described. The guide is not an official document and is provided to assist accountants only. It is significant that the guide does not address issues raised by the passage of the Family Law (Scotland) Act of 1985, scheduled to become effective on September 1, 1986.

Taxation, Laws, regulations and rules, Tax accounting, Support (Domestic relations), United Kingdom. Board of Inland Revenue, Alimony

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Professional indemnity insurance

Article Abstract:

Insurance faces a grave situation brought about by unexpectedly high claims. This has caused changes in the insurance plan for the Institute of Chartered Accountants of Scotland. Ratings and premiums have been increased and the method of figuring indemnity limits has been altered. These and other accounting aspects of the insurance industry in Great Britain are discussed.

Economic aspects, Insurance, Accounting and auditing, Liability insurance

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