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The Accounting Standards Board has published proposals by its Urgent Issues Task Force addressing the accounting for employee benefit trusts and other intermediate payment arrangements. The proposals are in the form of a draft abstract, on which comments are invited by 17 August 2001.
The Accounting Standards Board has published proposals by its Urgent Issues Task Force addressing the accounting for employee benefit trusts and other intermediate payment arrangements. The proposals are in the form of a draft abstract, on which comments are invited by 17 August 2001.
The draft abstract is intended to clarify how the principles of Financial Reporting Standard 5 'Reporting the Substance of Transactions' and Urgent Issues Task Force Abstract 13: Accounting for Employee Share Option Plan Trusts' should be applied when an entity sets up and funds a trust to remunerate some or all of its employees or when other, similar intermediate payment arrangements are entered into. It looks at the related accounting issues of the assets and liabilities that should be recognised by the sponsoring entity and when the entity should recognise an expense.
The abstract reflects the Urgent Issues Task Force's view that the substance of such arrangements is that the assets and liabilities of employee benefit trusts are generally under the de facto control of the sponsoring entity. Where this is the case, the entity should treat those assets and liabilities as its own and a payment by the sponsoring entity to the intermediate payment vehicle will not represent an immediate expense of the entity.
(Source: Accounting Standards Board press release dated 5 July 2001.)
IBC conference
An Insurance for Tax Planning conference will be held on 26 September at the Savoy Hotel, London. This will look at the effective and creative use of life assurance in tax planning, and the speakers include Viv Thomas, Michael Bryant, John Woolley, and Tony Wickenden.
The attendance fee is £599 plus VAT. Further information is available from the Bookings Department, IBC UK Conferences, tel: 01932 893854.
STEP dates
The Society of Trust and Estate Practitioners is running a series of one day autumn conferences.
The speakers will be:
Chris Whitehouse
Emma Chamberlain
Peter Assheton
Ralph Ray
They will cover a range of topics of interest to estate and trust practitioners including a review of the year, a business update, the Investment and Trustee Act 2000, a case study, wills, family issues and domicile. The dates and venues are as follow:
5 October V&A Le Meridien, Manchester
19 October Posthouse, Taunton
29 October London Marriott, Grosvenor Square
16 November Moathouse, Nottingham
The attendance fee for STEP members is £215 plus VAT, and for non-members it is £245 plus VAT. Further information is available from Amanda Seal at STEP, tel: 020 7763 7152.
