The Urgent Issues Task Force has amended abstract 17 on accounting for start-up costs. The amendments follow changes in tax law, and add a requirement that a company must disclose in the accounts whether it has taken advantage of Inland Revenue exemption for approved SAYE and equivalent overseas schemes. [2000]Read More

A research paper has been published by the Auditing Practices Board on audit methodologies. This research is likely to influence revisions to auditing standard SAS 300 on accounting and internal control systems. The research draws on the experience of major UK firms, and of firms in the USA and Canada. For businesses, the main implication...Read More

The Auditing Practices Board has published a detailed Practice Note 21 on auditing investment businesses in the UK. In particular it deals with the relationship between the auditor and regulatory bodies. APB Practice Note 21, £7.50 from ABG Professional Information, PO Box 21375, London WC1N 1QP. [2000]Read More

Over half of all Whitehall departments have had their accounts qualified by the National Audit Office, according to Accountancy Age. Three departments received a nil opinion because the accounts were inadequate to form a proper audit opinion. They were GCHQ, the Health and Safety Executive, and the Treasury Solicitor’s Department. [2000]Read More