The guidance in the following pages comments on FRS10 (Goodwill
and Intangible Assets) and FRS11 (Impairment of Fixed Assets and
Goodwill) where they are most relevant to the legislation in
FA02/SCH29. It also comments briefly on FRS7 (Fair Values in
Acquisition Accounting) and provides a link to guidance on the FRS
for Smaller Entities.
The equivalent IAS standards are noted but their detail is
not considered. Generally the IAS treatment is roughly equivalent
to the UK GAAP treatment. Where a different treatment is thought to
have an impact for Schedule 29 it is dealt with at the end of the
text. If you think there are other differences that impacts on
Schedule 29 please refer them to the contact point at
CIRD00510.
The guidance is intended to be helpful if accounting issues
need to be considered, but is not intended as an exhaustive
commentary, nor as a substitute for consulting an accountant. Apart
from the need for detailed interpretation of a particular
accounting standard, there may well be more general questions of
accounting practice (such as the need to draw up true and fair
accounts), which need to be considered.
Before deciding whether a particular accounting treatment may
merit challenge, see
CIRD30105 onwards for our general
approach.
For those within the Inland Revenue, further background on
these
FRS can be obtained from the Revenue
Accountants web-site.
