The UK's Accounting Standards Board last week agreed with the recommendations put forward in a report published by the Urgent Issues Task Force, which announced that work in progress at professional services firms should be recognised for tax purposes.
The UITF was tasked with reviewing the controversial accounting standard FRS5, which was introduced in November 2003.
Firms affected by the newly-agreed guidelines will need to apply them before the end of the 2005-06 financial year, although they are likely to have until January 2008 to complete payments due under the system.
According to a report from the Legal Week news service, some law firms in the UK are predicting a one-off tax increase of up to 30% as the new system is implemented. However, the move is not expected to increase the amount of overall tax paid by professional services firms.
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