KPMG Verbal大牛总结.docVIP

Section A The ‘periodicity rule’ requires a regular period of account to be established for businesses or companies, regardless either of the life of the business or company or the arbitrary nature of any such period. The ‘going concern rule’ arises out of the ‘periodicity rule’. This rule requires us to assume that a commercial entity will continue in existence for the foreseeable future unless we have some strong evidence to suggest that this is not the case. It is important to make absolutely certain that this assumption is correct, because a different set of accounting rules would be adopted if the immediate future of a commercial entity is altogether uncertain. It is under what accounting rules apply to failing companies. The use of different accounting rules is justified on the basis of securing the long-term future of failing companies. Different accounting rules may need to be applied to failing companies that nevertheless eventually recover. Assumptions about the long-term future of companies are always suspect. Section B Under the Taxes Management Act, a tax inspector is enabled to require a taxpayer by notice in writing to deliver particulars or documents. These must be in the taxpayer’s possession or power, and in the inspector’s reasonable opinion, contain information relevant to any tax liability that the person is or may be subject to, or to the amount of any such liability. The word ‘particulars’ is very broad in meaning and embraces any issue or information about matters impacting on the taxpayer’s taxation liabilities. Taxpayers are expected to respond in writing in respect of the particulars or information sought. T Tax inspectors may insist on seeing documentation which turns out not to have any impact on the taxpayer’s liability.C Tax inspectors can press for particulars beyond a taxpayer’s possession or power. F Inspectors must be reasonable in the demands they make of taxpayers. T Section C 文中第一句话，第二行里“perfectly informed”和“little part” 意思相