Interaction between tax and accounting practice: Accounting for stock-in-trade

Masayoshi Noguchi

24 citations0/0 files storedAccounting Business & Financial History

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

This paper studies the issue of interaction between tax and accounting practice through an examination of the process followed by the Institute of Chartered Accountants in England and Wales (ICAEW) when formulating Recommendation on Accounting Principles (RoAP) No. 22 as a replacement for RoAP No. 10. We show that the ICAEW had a clear intention of persuading the Board of Inland Revenue of the legitimacy of replacement cost as a basis of stock valuation, and that the preparation and publication of RoAP 22 succeeded, to a significant extent, in achieving that outcome. We also reveal that RoAP 22 appears to have affected the way in which some companies valued their stock and how their bases of stock valuation were disclosed in corporate published accounts.

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References

1985Community, market, state—and associations?2020Accounting in Organizations and Society 1987Modes of regulation in advanced capitalism: Locating accountancy in four countries 1995The power of “independence”: defending and extending the jurisdiction of accounting in the United Kingdom 1990Corporatism in perspective: an introductory guide to corporatist theory 2012Forging Accounting Principles in Five Countries: A History and an Analysis of Trends 1993Rethinking the profession-state dynamic: The case of the Victorian charter attempt, 1885–1906 1985Organized interests and the state : studies in meso-corporatism

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