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FASB Summaries |
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Statement No. 31 Accounting for Tax Benefits Related to U.K. Tax Legislation Concerning Stock Relief STATUS Issue Date: September 1979 Effective Date: For annual or interim financial statements issued after September 30, 1979 for periods ending on or after July 26, 1979 Affects: No other pronouncements Affected by: Superseded by FAS 96 and FAS 109 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY This Statement specifies how an enterprise subject to United States generally accepted accounting principles should account for income taxes relating to recent changes in the United Kingdom tax law concerning "stock relief," which permits an income tax deduction for increases in inventory. The changes have modified the provisions for recapture of the tax benefit of that deduction. The Statement requires that certain previously deferred tax benefits related to "stock relief" be recognized as of July 26, 1979 when the legislation was enacted. Other tax benefits related to "stock relief" should be deferred unless it is probable that those tax benefits will not be recaptured. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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