FRS 9 - in force for year ends after 22 June 1998
This reviews and updates and in substance broadly follows its predecessor (SSAP 1). Most of the detail and impact of FRS 9 applies only to consolidated accounts; most of the text is concerned with providing an accounting framework for investment activities falling between subsidiary holdings (where control is exercised) and passive investment. FRS 9:
- distinguishes a "joint venture" (control shared between the venturers) from an associate (significant influence but no share in control) and then
- requires for joint ventures a variant of equity accounting involving additional disclosures (called the gross equity method by both the ASB and its detractors)
- requires that all disclosures for joint ventures are given separately from those relating to associates
- increases the extent of disclosure (compared with SSAP 1)
- effectively outlaws proportional consolidation (which is the accounting method the Companies Act has in mind for it calls joint ventures!)
This website is intended for general guidance only. No responsibility for loss occasioned to any person acting as a result of any material in this publication can be accepted.
Our London office has appointed a new partner, Odhran Dodd to the Corporate Finance team.
A last minute rush to take advantage of the now closed Corporate Venturing Scheme resulted in a 65% jump in investment in small companies, to £28m, in its final year.
Taxpayers who do not owe tax, or are even due a tax rebate from HM Revenue & Customs (HMRC), will be fined for the first time this year if they do not complete tax returns by January 31 2012.
A rally in M&A activity targeting UK private companies has ground to a halt over the last 12 months, our research has found.
January saw substantial increases in train fares for daily commuters to the capital, in many cases in excess of 5%.
