FRS 15 – Friend or foe? Available to Purchase

This article considers the recent release of Accounting Standard FRS15 Accounting for Tangible Fixed Assets and reviews the impact of the standard on the hotel industry where previously hotel companies were able to avoid charging depreciation on buildings. The work of the British Association of Hospitality Accountants, in particular the Guidance Notes for the Hotel Industry on Tangible Fixed Assets, is considered in detail and from this the implications for the industry are reviewed.