000			01404cam a2200229 4500
001			ABS67776
008			040426n2004 000 0 eng u
035			_a(Sirsi) u126003
100			_aBull, G.
245			_aTaxation on the drawing board
260			_c2004
490			_aArchitects' Journal _v219(13) 1 April 2004, 46(1)
520			_aLooks at recent changes to the way in which professional practices account for revenue, highlighting that professionals will have to pay tax on work for which they have yet to bill. Comments that firms will have to include profit on work done, including equity partners' time, at the balance sheet date. Previously, equity partner time was recognised in the accounts only after the bill for the work had been delivered to the client. The new ruling could leave firms significantly out of pocket. Professional firms await a definitive interpretation of the new regulations from accountancy bodies, but it is unlikely they will be able to spread the liability over a number of years. Suggests that firms seek guidance from accountancy professionals and spend time reviewing their billing and cash collection procedures.
590			_aABS
590			_aABS
650			_aPROFESSIONAL PRACTICES
650			_aFINANCIAL REPORTING STANDARD 5
650			_aLIMITED LIABILITY PARTNERSHIPS
650			_aLIMITED COMPANIES
690			_aTAXATION
942			_n0
999			_c117247 _d117247