Accounting Principles for Tax Purposes (6ed)

Accounting Principles for Tax Purposes (6ed)
Accounting Principles for Tax Purposes (6ed)
Lole, J
Bloomsbury Professional

This title is written for tax practitioners who wish to gain a better understanding of accounting rules in the UK, how these are applied in different circumstances to a set of financial statements and what the resultant impact on the taxable profit is. The starting basis for tax computation for a business for either income tax or corporation tax is a set of accounts prepared in accordance with financial reporting standards.

HMRC employ a number of accounting specialists who consider whether the accounting treatment in a particular case is correct. While this is particularly prevalent for large companies, it is also a key issue for the smaller business. Accounting flaws will have an impact on the tax treatment and may well give HMRC grounds for discovery assessments.


1: Introduction

Part 1 – Accounting Principles and Financial Statements

2: The legal and institutional framework

3: Financial statements – What is GAAP?

4: An accounting overview

5: Back to basics: Accounting principles

6: The form and content of financial statements

7: Statements of cash flow

8: Events after the reporting period

9: Related parties

10: Accounting for tax

Part 2 – Basic Accounting Issues

11: Revenue Recognition

12: Inventories

13: Goodwill and intangible assets

14: Property, plant and equipment

15: Investment property

16: Depreciation, amortisation and impairment

17: Acquiring assets on finance

18: Financial instruments

19: Liabilities and equity, provisions and contingency

20: Employee benefits

21: Share-based payments

22: Government grants

23: Foreign currency translation

Part 3 – Advanced Accounting Issues

24: Groups

25: Corporate transactions – The theory

26: Corporate transactions – The practice

Part 4 – Special situations

27: Specialised activities

28: Limited liability partnerships

29: Smaller entities

30: Transition to new UK GAAP – this chapter will be rewritten to reflect current position

Part 5 – Conceptual Developments

31: Accounting and tax profit – Background and present position

32: Future developments


A – Summary and commentary on the main cases

B – Accounting ratios and jargon

C – Further reading

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