Tim Ambrose Past President of the CIOT discusses the Scottish Court of Session finding against William Grant & Sons Distillers Ltd by 2-1 now going on to the House of Lords for finality
Six legally qualified Judges or Special Commissioners have now considered the question of the correct amount to be 'added back' to accounting profit in respect of depreciation when the cost of a company's stock or work in progress on hand at the year end contains some of that depreciation as an element of its cost. Although this accounting treatment is fully in accordance with and required by GAAP the concept of depreciation and its inclusion as an element in the cost of stock is far from intuitive and certainly elusive to non-accountants ...
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Tim Ambrose Past President of the CIOT discusses the Scottish Court of Session finding against William Grant & Sons Distillers Ltd by 2-1 now going on to the House of Lords for finality
Six legally qualified Judges or Special Commissioners have now considered the question of the correct amount to be 'added back' to accounting profit in respect of depreciation when the cost of a company's stock or work in progress on hand at the year end contains some of that depreciation as an element of its cost. Although this accounting treatment is fully in accordance with and required by GAAP the concept of depreciation and its inclusion as an element in the cost of stock is far from intuitive and certainly elusive to non-accountants ...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")