000			01174cab a2200217 4500
001			ABS67563
008			040303n2004 000 0 eng u
035			_a(Sirsi) u125308
100			_aBessey, J.
245		2	_aA rise in pre-profit tax
260			_c2004
490			_aBuilding _v269(8320) 20 February 2004, 52(1)
520			_aDetails the recent changes tohow the profitability of a conventional partnership is calculated, which will affect how such a partnership is taxed. A new Accounting Standards Board note concerning the application of FRS5 "Reporting the substance of transactions" (ISBN 1857120264) will make accounting bills show more profit which is likely to mean greater tax bills. Further changes in the accounting policy require a prior period adjustment which may affect work-in-progress for a particular year if it had first been calculated under the old method. These figures will have to be recalculated and the difference between the figures regarded as additional profit.
590			_aABS
650			_aPARTNERSHIP AGREEMENT
650			_aFRS5
650			_aPROFITABILITY
650			_aTAX ASSESSMENT
690			_aTAXATION
942			_n0
999			_c74221 _d74221