A Trojan Cow

Article Abstract:

The International Accounting Standards Committee has issued its latest regulation involving farming. It includes new terms and definitions bearing on fair value of agricultural produce, activity, and biological assets.

Agriculture, Crop Production, Standards, Agricultural industry, International Accounting Standards Board, Powers and duties, Valuation

Bring back deferred income

Article Abstract:

The UK Accounting Standards Board will do away with the special section for deferred income on the corporate accounts statement. This action could cause inappropriate behavior by 'creative' accountants.

Column, Economic policy, Corporations, Accounting Standards Board, Deferred income (Business), Deferred income

Bring back deferred income

Article Abstract:

The author explains why deferred income entered in balance sheets under assets and liabilities rather than under profit and loss accounts in company books is appropriate.

Assets (Accounting), Auditing Standards Board