Behind the bottom line

Article Abstract:

Terry Smith has written on accounting practices of UK firms which he has come to understand through working for investment banks. He was sacked from UBS following the publication of his book Accounting for Growth. Grand Metropolitan is one company that is the subject of his analyses. The Accounting Standards Board has sought to tackle some of the problems of corporate accounts, but there are still many which remain. Investors should use common sense when assessing accounts, Smith argues.

Finance, Accounting, Corporations, Corporations, British

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Tax warning

Article Abstract:

Tax shops are likely to be set up in the UK as a result of self assessment, but taxpayers should consider the services they are likely to be offered. tax shops may appear to be cheaper than an accountant but they tend not to scrutinise receipts and will simply copy data supplied by taxpayers. The UK tax authorities will carry out calculations for taxpayers who return forms promptly and tax shops could make mistakes which taxpayers would be liable for.

Tax reform, Accountants

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Can't figure it out

Article Abstract:

Goodwill is subject to accounting standards, and investors may find the jargon concerning this issue to be confusing. The fair value of assets acquired and the price paid for an acquisition are not the same and the difference is called goodwill. UK SSAP 22 standards call for purchased goodwill to be eliminated after acquisitions, direct to reserves of companies purchasing. This can produce distortions, and alternative approaches are possible.

Acquisitions and mergers, Financial statements

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