Commentary

B5.716 Preparation of accounts

Business tax
Business tax | Commentary

B5.716 Preparation of accounts

Business tax | Commentary

B5.716 Preparation of accounts

From 27 May 2011 the following rules do not apply to transparent reporting funds, as to which see B5.718A1.

A reporting fund must prepare accounts in accordance with IAS or the GAAP specified in the application for reporting fund status2. If there is a change in accounting policy from one period of account to the next which still accords with law and practice and it results in a difference in accounting value (ie the carrying value recognised for accounting purposes) of an asset or liability between the end of the earlier period of account and the beginning

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