Tutorial: UITF 40
There has been widespread concern over the effect of the new method of accounting for WIP, UITF 40. The following tutorial gives a practical guide to working with the new regulations. There is also a worksheet to download in which you can enter your own figures.
By Rebecca Benneyworth
Data assembled by member bodies of the CCAB indicates that a significant number of firms of accountants are going to suffer a significant tax increase for the year in which the new basis of accounting for income is adopted.