The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Fears among lawyers of tax increases caused by an accounting change that values work in progress (WIP) at selling price rather than cost are unfounded, according to Trevor Johnson of the Association of Taxation Technicians.
Writing in industry magazine The Tax Adviser, Johnson said that Application Note G was unequivocal. He said the note provides additional guidance on the recognition of turnover derived from long-term contracts, “but does not amend the requirements of the accounting standard SSAP9 [Statement of Standard of Accounting Practice 9]”.
SSAP9 is the accounting practice under which WIP is valued at the lower cost or its net realisable value.
Backing Johnson, Accounting Standards Board chair Mary Keegan said: “I couldn’t be clearer in my own mind that we haven’t changed SSAP9”.