Accounting Principles for Tax Purposes

Accounting Principles for Tax Purposes, Fifth Edition provides an accessible introduction to the accounting rules relevant to tax computations in the UK. This practical handbook uses worked examples to demonstrate how accounting principles are applied to financial statements in different circumstances, as well as identifying common issues which may arise. Are you ready for FRS 102? Fully revised throughout, this fifth edition offers extensive coverage of the new Financial Reporting Standard 102, highlighting how the accounting requirements differ from the previous UK GAAP regime or where there are difficult tax-related issues. Key changes for unincorporated businesses Whether your clients are limited companies, partnerships or sole traders, Accounting Principles for Tax Purposes has the guidance you need. Following the introduction of the new cash basis for small businesses regime in 2013, the chapter on cash flow statements has been significantly updated with all the latest information. Commentary, case law and more The key features of this book include: • A user-friendly chapter structure which leads you through basic accounting issues before considering more advanced issues • Expert commentary on recent developments in UK accounting standards and practice • Discussion of relevant case law including Smith v HMRC, Greenbank Holidays v HMRC and Greene King PLC v HMRC • A dedicated section dealing with conceptual developments Who should read this book? Ensuring a smooth transition from UK GAAP to FRS 102, Accounting Principles for Tax Purposes is an essential manual for all tax professionals who are required to use accounts in their work. It is also a useful resource for those whose accounting knowledge is sound, but who need to appreciate the implications for tax of accounting policy choices and changes.

Table of Contents:
Chapter 1 Introduction Part I Accounting Principles and Financial Statements Chapter 2 The Legal and Institutional Framework Chapter 3 Financial Statements – What is GAAP? Chapter 4 An Accounting Overview Chapter 5 Back to Basics: Accounting Principles Chapter 6 The Form and Content of Financial Statements Chapter 7 Statements of Cash Flow Chapter 8 Events after the Reporting Period Chapter 9 Related Parties Chapter 10 Accounting for Tax Part II Basic Accounting Issues Chapter 11 Revenue Recognition Chapter 12 Inventories Chapter 13 Goodwill and Intangible Assets Chapter 14 Property, Plant and Equipment Chapter 15 Investment Property Chapter 16 Depreciation, Amortisation and Impairment Chapter 17 Acquiring Assets on Finance Chapter 18 Financial Instruments Chapter 19 Liabilities and Equity, Provisions and Contingencies Chapter 20 Employee Benefits Chapter 21 Share-based Payments Chapter 22 Government Grants Chapter 23 Foreign Currency Translation Part III Advanced Accounting Issues Chapter 24 Groups Chapter 25 Corporate Transactions – The Theory Chapter 26 Corporate Transactions – The Practice Part IV Special Situations Chapter 27 Specialised Activities Chapter 28 Limited Liability Partnerships Chapter 29 Smaller Entities Chapter 30 Transition to New GAAP Part V Conceptual Developments Chapter 31 Accounting and Tax Profit – Background and Present Position Chapter 32 Future Developments Appendix A Summary and Commentary on the Main Cases Appendix B Accounting Ratios and Jargon Appendix C Further Reading