Updating the Institute's Technical Committee Structure

Article Abstract:

The role of the technical committees of the Institute of Chartered Accountants of Scotland is to foresee technical problems and work to resolve them prior to their being able to reach crisis level. Changes have involved restructuring the accounting and auditing committees. The formulation of two committees, the new Audit Practices Committee and the Computer Auditing Committee, should provide more effective and efficient standard-setting procedures than the unwieldy past set-up. Attention will be given to assuring the members are pulled from a variety of geographical and professional backgrounds. Technical briefs, at times backed by expert advice, will be at the core of the review process in these committees. In the past, public sector accounting has been underdeveloped; measures have been taken to begin formulating policy and standards in this area. Guidance regarding information technology and computerization as it affects accounting will be a major focal point in the near future for these committees.

Professional associations, Trade associations, Trade and Professional Associations

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The Neville Report on CCA: Confusion and Simplicity

Article Abstract:

The Neville Report, the publication of SSAP 16: "Current Cost Accounting - Report of the Monitoring Working Party", declares that there is a lack of understanding concerning current cost accounting in external financial reports. This report is criticized as further confusing an already confusing situation. One of the major criticisms concerns the confusion between its use for the external environment, but being criticized by the Neville Report as not fulfilling internal needs. There is also no clarification of method to be used. It has not respected the wishes of the users of the financial reports, but rather the preparers. It is concluded that standards need to be defined, centered on the needs of the users, written clearly and applied consistently.

Criticism and interpretation, Cost accounting

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Classifying leases: more guidance needed

Article Abstract:

There is not much of a distinction between operating leases and finance under SSAP 21. Consequently, lessors, lessees, and accountants must scurry to prepare for the changes. The revisions represent an end to leasing as a financial source, as the slow reduction in the amount of capital allocation which is provided as capital allowances in the initial year of the asset's life, along with the drop in tax rates, brings a drop in value of the allowances.

Management, Accounting and auditing, Accounting, Leases

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