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Distributable Profits: ICAEW Guidance

In December 2009 the Institute of Chartered Accountants issued a new Technical Release (03/09) containing proposed additional guidance on realised and distributable profits under the Companies Act 2006. The Technical Release proposes that the treatment of certain aspects of employee benefit trusts (described as ESOP Trusts in the release) should be based on current Generally Accepted Accounting Practice (“GAAP”) rather than the now defunct UITF13.

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