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Interaction between tax and accounting practice: Accounting for stock-in-trade

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  • Masayoshi Noguchi

Abstract

This paper studies the issue of interaction between tax and accounting practice through an examination of the process followed by the Institute of Chartered Accountants in England and Wales (ICAEW) when formulating Recommendation on Accounting Principles (RoAP) No. 22 as a replacement for RoAP No. 10. We show that the ICAEW had a clear intention of persuading the Board of Inland Revenue of the legitimacy of replacement cost as a basis of stock valuation, and that the preparation and publication of RoAP 22 succeeded, to a significant extent, in achieving that outcome. We also reveal that RoAP 22 appears to have affected the way in which some companies valued their stock and how their bases of stock valuation were disclosed in corporate published accounts.

Suggested Citation

  • Masayoshi Noguchi, 2005. "Interaction between tax and accounting practice: Accounting for stock-in-trade," Accounting History Review, Taylor & Francis Journals, vol. 15(1), pages 1-34.
    • Handle: RePEc:taf:acbsfi:v:15:y:2005:i:1:p:1-34
    DOI: 10.1080/09585200500032701
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    References listed on IDEAS

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    Cited by:

    1. Neil Rollings, 2007. "British business history: A review of the periodical literature for 2005," Business History, Taylor & Francis Journals, vol. 49(3), pages 271-292.
    2. Malcolm Anderson, 2006. "Accounting History Publications 2005," Accounting History Review, Taylor & Francis Journals, vol. 16(3), pages 457-462.
    3. Noguchi, Masayoshi & Edwards, John Richard, 2008. "Harmonising intergroup relations within a professional body: The case of the ICAEW," The British Accounting Review, Elsevier, vol. 40(2), pages 123-147.

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