Finance Leasing Manual - FLM41.05

Grossing-up: accounts presentation

With effect for accounting periods ending on or after 22 June 1997, grossing up has been outlawed as an acceptable accounting method in the UK and the actual figures of tax and income should be shown, a 'net' presentation. The ASB encourage but do not require a similar presentation for earlier periods. This is the effect of the Accounting Standards Board Urgent Issues Task Force abstract Number 16 ('UITF 16').