CUSTOMS Definition

Bookmark and Share

CUSTOMS are the authorities charged with collecting duty and controlling the entry of merchandise into a country.

Learn new Accounting Terms

FRS 19  is a deferred tax standard. In summary:

A. Deferred tax is provided on timing differences relating to: - accelerated capital allowances and depreciation
- accruals for and payments of pension and other post retirement benefits
- the elimination of unrealized intra group profits
- unrelieved tax losses
- "fair value revaluations" that are taken annually to the profit and loss account
- other short-term timing differences

B. Deferred tax is not provided on timing differences relating to: - other fixed asset revaluations, where there is no intention to sell
- gains that are rolled over
- unremitted overseas earnings, where there is no intention to remit.

The FRS 19 Standard also includes further, detailed measurement and disclosure rules.

FACTORY OVERHEAD is the costs of operating a factory which cannot be assigned directly to a specific department or product.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.