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.
SUNDRY ACCOUNT is an account where miscellaneous items are recorded, e.g. infrequent transactions involving customers or suppliers that are not tracked in the normal course of business.
VENDOR is a legal entity that promotes or exchanges goods or services for money.
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