Business reporting of intangibles: realistic proposals
Executive summary
AAT agrees that there is a case for enhancing the disclosure of intangibles, including expenditure in respect of intangibles that have not been capitalised. However, AAT does not agree that there is any need to change the criteria for recognition and measurement of intangibles.
While this discussion paper focuses on IFRS, AAT urges the FRC to also consider whether there should be changes to the reporting of intangibles under FRS 102. This would have a greater effect on SMEs, many of which employ AAT members or would be represented by AAT’s 4,250 Licensed Accountants. As noted in AAT’s detailed response below, any such changes should be in the form of enhanced disclosures rather than changes to recognition and measurement criteria, and they must be proportionate.
Related consultation responses
Raising standards in tax advice: protecting customers claiming tax repayments
We support some of the proposals, but requiring professional body membership for anyone providing paid-for tax and accountancy services would be more effective.
Raising standards in the tax advice market
We support raising tax advice standards, but don't believe the proposed requirement to hold Professional Indemnity Insurance will improve trust in the market.
Recognition of professional qualifications and regulation of professions
We outline here the customer protection impacts our regulations provide, and the professional standards and CPD requirements we place on our members and why.
