UITF has changed significantly
As a result of the publication by the Accounting Standards Board (ASB) of an interpretation known as UITF 40 the accounting for service contracts will change significantly, increasing the reported profits and tax liabilities of many service providers such as solicitors, chartered surveyors, construction contractors and any other businesses providing services as opposed to goods. For ACCA members in practice not only will many clients be affected, but most accountancy practices will be impacted as well.