Twists and U-turns

摘要

The institute's emphasis on listening, consultation and inclusiveness is an example we hope government will emulate in 2006 because, as I wrote last month, there needs not only to be trust between the profession and the institute and our members, but also between the government and the public it serves. While we welcomed the inclusion of a spreading relief on the effects of UITF 40, Revenue recognition and service contracts, in the chancellor's pre-Budget report in December, it is not as generous as it looks because of the interaction with tax payment dates. Spreading will not be available to those who adopt UITF 40 for accounts ending before 22 June 2005 even though the standard encourages early adoption.The chancellor also made unexpected U-turns in taxation and,separately, on company reporting: U-turns do not tend to inspire trust.