Law Society calls for FRS5 clarification

The Law Society president has written to the Accounting Standards Board urging clarification of new tax rules in a bid to wipe out widespread confusion over FRS5. FRS5 Application Note G, which relates to the way profits and work in progress are calculated in accounts, was first introduced eight months ago. The Law Society is calling for the issue to be referred to the Accounting Standards Board’s urgent issues task force.

First revealed on, 11 August