Original Articles

Accounting Issues Task Force

Published in: De Ratione
Volume 6 , issue 1 , 1992 , pages: 21–33

DOI: 10.1080/10108270.1992.11435031

Author(s): G K Everingham University of Cape Town,

Keywords: Accounting Issues Task Force , Companies Act , comprehensive method , consumables , deferred taxation , extraordinary items , generally accepted accounting practice , LIFO , partial method , prior year adjustments

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Abstract

This article reviews the authority of the recently constituted Accounting Issues Task Force in relation to the development of generally accepted accounting practice (GAAP) in South Africa, The Task Force’s first opinion, AC301, deals with the accounting treatment of taxation liabilities flowing from the changed legislation in relation to LIFO, consumables and work-in-progress. Having established the materiality of the amounts involved on the basis of a survey of the “Top 100” companies, the recommendations of AC301 are evaluated against established GAAP and suggestions are made as to the preferable accounting treatment.

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