An exposure draft of proposed amendments to IAS 1, Presentation of Financial Statements to clarify the criteria for the classification of a liability as either current or non-current has been published by the IASB.
Each year seems to bring new HM Revenue and Customs (HMRC) powers, and 2015 looks like being no different. It was announced in the Chancellor’s Autumn Statement 2014 that the government would be consulting on a proposal to introduce a new power, enabling HMRC to achieve early resolution and closure of one or more aspects of a tax enquiry whilst leaving other aspects open. HMRC published the consultation document Tax Enquiries: Closure Rules on 18 December 2014. Mark McLaughlin looks into the details.