E-Book Overview
Many lawyers, especially those dealing with commercial matters, need to understand accounting yet feel on shaky ground in the area. This book is written specifically for them. It breaks down and makes clear basic concepts (such as the difference between profit and cash flow), the accounting profession and the legal and regulatory framework within which accounting operates. The relevant provisions of the Companies Act 1985 are discussed at some length. Holgate explains generally accepted accounting principles in the UK (GAAP), the trend towards global harmonisation and the role of international accounting standards. He then deals with specific areas such as group accounts, acquisitions, tax, leases, pensions, financial instruments, and realised profits, focusing in each case on those aspects that are likely to confront lawyers in their work. This book will appeal to the general practitioner as well as to lawyers working in corporate, commercial, and tax law.
E-Book Content
This page intentionally left blank Accounting Principles for Lawyers Many lawyers, especially those dealing with commercial matters, need to understand accounting yet feel on shaky ground in the area. This book is written specifically for them. It breaks down and makes clear basic concepts (such as the difference between profit and cash flow), and explains the accounting profession and the legal and regulatory framework within which accounting operates. The relevant provisions of the Companies Act 1985 are discussed at some length. Holgate explains generally accepted accounting principles (GAAP) in the UK, the trend towards global harmonisation and the role of international accounting standards. He then deals with specific areas such as group accounts, acquisitions, tax, leases, pensions, financial instruments, and realised profits, focusing in each case on those aspects that are likely to confront lawyers in their work. This book will appeal to the general practitioner as well as to lawyers working in corporate, commercial, and tax law. p e t e r h o l g at e is Senior Accounting Technical Partner at PricewaterhouseCoopers LLP in the UK. Law Practitioner Series The Law Practitioner Series offers practical guidance in corporate and commercial law for the practitioner. It offers high-quality comment and analysis rather than simply restating the legislation, providing a critical framework as well as exploring the fundamental concepts which shape the law. Books in the series cover carefully chosen subjects of direct relevance and use to the practitioner. The series will appeal to experienced specialists in each field, but is also accesssible to more junior practitioners looking to develop their understanding of particular fields of practice. The Consultant Editors and Editorial Board have outstanding expertise in the UK corporate and commercial arena, ensuring academic rigour with a practical approach. Consultant editors Charles Allen-Jones, retired senior partner of Linklaters Mr. Justice David Richards, Judge of the High Court of Justice, Chancery Division Editors Chris Ashworth – Ashurst Morris Crisp Professor Eilis Ferran – University of Cambridge Nick Gibbon – Allen & Overy Stephen Hancock – Herbert Smith Judith Hanratty – BP Corporate Lawyer, retired Keith Hyman – Clifford Chance Keith Johnston – Addleshaw Goddard Vanessa Knapp – Freshfields Charles Mayo – Simmons & Simmons Andrew Peck – Linklaters Richard Snowden QC – Erskine Chambers Richard Sykes QC William Underhill – Slaughter & May Sandra Walker – Rio Tinto Other books in the Series Stamp Duty Land Tax Michael Thomas, with contributions from KPMG Stamp Taxes Group; Consultant Editor David Goy QC The European Company: Volume I General editors Dirk Van Gervan and Paul Storm Accounting Principles for Lawyers PETER HOLGATE PricewaterhouseCoopers LLP cambridge university pr