FRS 11: what it means in practice

Article Abstract:

The UK Accounting Standards Board's Financial Reporting Standard (FRS) 11, 'Impairment of Fixed Assets and Goodwill,' aims to prevent the carrying values of fixed assets and capitalized goodwill from going beyond their recoverable amount. An asset whose carrying value exceeds its recoverable amount is considered impaired. The new standard, published in Jul 1998, applies to Dec 1998 year-ends. Accounting practitioners should pay careful attention to its transitional rules because FRS 11 does not believe it is necessary to use prior year adjustments, which is the usual practice when new standards are implemented. It requires the use of current year adjustments since its underlying principles are familiar and resemble current practice.

Accounting Methods, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Accounting and auditing, Accounting services, Accounting Standards Board, Goodwill (Business), Fixed assets, Accounting law

---

European harmonisation - problems remain

Article Abstract:

The European Community's (EC) efforts to harmonize financial accounting standards have been hampered by the need to give latitude for differing opinions because countries have interpreted the EC's directives in various ways. Harmonization can be enhanced by reducing the available options in EC directives, but this would undermine efforts to achieve consensus. Another option would be to create a European Accounting Standards Committee, but the Committee would create another tier of standards between international and national standards. The best way to enhance harmonization is for EC members to reach a common understanding and agreement of what terms mean and how they should be translated into practice.

Laws, regulations and rules, Harmonization of laws, European Community

---

Four years to go

Article Abstract:

Issues are presented concerning the creation of a European version of the International Standards Authority by the European Union. The popularity of this measure in some countries is contrasted with 72% opposition in the United Kingdom.

International Accounting Standards Board

Similar abstracts:

• Abstracts: Market liquidity and trading activity. True spreads and equilbrium prices. Liquidity and autocorrelations in individual stock returns
• Abstracts: Static and dynamic lifting strength at different reach distances in symmetrical and asymmetrical planes. Theories of musculoskeletal injury causation
• Abstracts: PMB becomes profitable. Union Banka becomes profitable
• Abstracts: Bank mergers: what's a policymaker to do? The theory of financial intermediation. What do financial intermediaries do?
• Abstracts: Determinants of international financial services. Aspects of international financial services. international investment in financial services

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.