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Will financial reporting standard 102 reduce share values as well as reducing company profits?
KEY POINTS
- Adopting FRS 102 requires revaluation of company assets.
- Deferred corporation tax on revaluation surpluses to be included in the accounts.
- Does this affect the net asset value of the company for valuation purposes?
- HMRC silent as to its view on this.
- What about costs of sale as a deduction from the company value?
It would be an exaggeration to say that elections under financial reporting standard (FRS) 102 important though they no doubt are have dominated the financial and tax press. There have after all recently been a number of other results at the ballot box that have overturned the perceived established order and thus hijacked the front pages of most newspapers. However although not enjoying the high profile of referendums...
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