True and Fair: The Opinion of English Counsel

Article Abstract:

The Accounting Standards Committee (ASC) of the United Kingdom rendered a statement that historical cost accounting, in many cases, cannot present a true and fair view. Debate on the issue centers around the Statements of Standard Accounting Practice (SSAP) issued by the ASC, and the 'true and fair' view as interpreted by law. The ASC requested the opinion of the Counsel on the 'true and fair' issue. The SSAP is standards for conduct issued by the ASC. Professionals are required to comply. They are generally higher standards than required by law. When cases are tried, a judge generally requests general and accepted accounting procedures. The SSAPs are a good source of information for this. Therefore, performing current cost accounting would fairly certainly be considered acceptable 'true and fair' practice. However, historical cost accounting may still be considered acceptable accounting practice regardless of the ASC's decision in formulating their SSAP.

Accounting Standards Committee

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Inland Revenue Claims Branch

Article Abstract:

Great Britain's Board of Inland Revenue has a Claims Branch whose job is to give advice on title to income under general law, and to help explain application of 'Part XVI' legislation. Part XVI applies most often to trusts, in cases where the professional wants it to apply as the expense of obtaining a benefit such as inheritance trusts. Also described are the activities of the Income Settlements Division, Charity Division, and the Claims Branch in Edinburgh, Scotland.

Taxation, Services, Tax policy, Trusts and trustees, Trustees, Trusts (Law), United Kingdom. Board of Inland Revenue

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Important information for members in practice

Article Abstract:

Registration information is accountants practicing in Great Britain. There is a crucial distinction that will decide whether an individual or an organization is needed to register the certain purpose involved under the Data Protection Act of 1984. An examination of the area is included in a question and answer set that covers the guidelines set up by the Registrar.

Analysis, Accountants, Data security, Vocational guidance

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