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GAAP 2000 pp 317-389 | Cite as

Fixed assets

  • Ken Wild
  • Brian Creighton
  • Deloitte & Touche technical department

Abstract

Although there has been no change in Companies Act requirements recently, the accounting treatment of intangible assets has changed radically as a result of the introduction of FRS 10 Goodwill and intangible assets. This standard became mandatory for accounting periods ending on or after 23 December 1998, superseding SSAP 22. For accounting periods ending before 23 December 1998, companies have the option either of continuing to apply SSAP 22 or of adopting FRS 10 early. It is important to note that, if early adoption is chosen, it is necessary to adopt FRS 10 in all respects. Note that FRS 10 does not affect the treatment of research and development costs (which are covered by SSAP 13) or oil and gas exploration and development costs (covered by the relevant SORP). FRS 10 also does not affect entities applying the original FRSSE, unless they are preparing consolidated financial statements. (FRSSE (effective March 1999) includes requirements for dealing with goodwill in entity accounts which are modifications of FRS 10’s requirements — see 31.63 below.)

Keywords

Balance Sheet Intangible Asset Fixed Asset Historical Cost Cash Flow Forecast 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Deloitte & Touche 1999

Authors and Affiliations

  • Ken Wild
  • Brian Creighton
  • Deloitte & Touche technical department

There are no affiliations available

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