Accounting Policies Flashcards
1
Q
Tax
A
Deferred tax is recognised in respect of all material timing differences. These relate principally to accelerated capital allowances
2
Q
Share Capital
A
Capital Grants are released to the income statement to match the useful life of the relevant asset
3
Q
Depreciation
A
Depreciation has been provided to write off the cost of depreciable non current assets over their estimated useful lives, with the assumption of no residual value
the rates used are
buildings 50 years straight line basis
plant and equipment 20% on a reducing balance basis
