Here is the synopsis of our sample research paper on UK Accounting Standards; Revaluation;. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 5 page paper outlines the standards in place for revaluation of capital assets, when and how it should occur and the impact on the profit and loss accounts in addition to the impact on the balance sheet and the creation of a revaluation reserve. FRS 15 and FRED 29 are both discussed. The bibliography cites 5 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TErevaln.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
in the future with the introduction of international accounting standards (IAS). In order to consider this subject the first aspect is to define what is meant by revelation, and then
consider the current position, this may then be used to compare to the future changes as announced in the draft documents. Capital assets have a long life, but not
an indefinite one. As assets are used by the business they are written off over the life of the asset. The matching concept indicates that the use is spread over
the life of the asset so the cost of the asset should be deprecated over the life of the asset in order to report the true long term position of
the company. Deprecation may be undertaken using different methods, such as straight line, reducing balance and sum of the digits. However, there will be occasions when an asset does not
behave as expected, or it may be argued the traditional historic concept may not give a true picture of a company. Examples may be seen where an asset turns out
to have a longer life or where the company owns property. The revaluation gives the current market values, and as such will impact on the balance sheet. This may be
argued by some as giving a fairer more accurate picture of the company. However, it may also be argued as used to bolster or reduce balance sheet amounts, as required
by management. As this is a tool that many be used to manipulate accounts, or even interpreted differently there have been standards issued on when and how revaluation may occur.
The current standard is FRS 15 entitled tangible fixed assets. This standard is valid for all accounts prepared for accounting periods that end on March 23rd 2000 or afterwards
...