Run-off cover: are you retiring, merging, moving on?

Article Abstract:

The Institute of Chartered Accountants in England and Wales requires all members to continue paying their professional indemnity insurance (PII) even after they stop practicing. However, this 'run-off' cover requirement is not strictly limited to retirement. It is also applicable in other circumstances such as when a sole practitioner sets up a partnership or joins a larger practising group. Other situations when 'run-off' cover can be applied are when members of a partnership retire from the partnership but continue to practice individually and when members of an accounting firm dissolve their firm but continue practicing separately. In each case, the 'run-off' cover is still required by regulation 18 of the Institute's by-laws.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Accounting services, Accounting law

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Financial reporting exposure draft 19: deferred tax

Article Abstract:

The UK's Institute of Chartered Accountants in England and Wales has developed a draft proposal for managing deferred tax. Issues addressed in the draft include recognition of these taxes in the balance sheet, in statements of performance, and how to treat disclosures.

United Kingdom, Management, Deferred tax (Accounting)

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