Following on from her article in January 2018’s edition of the Financial Reporting Faculty’s magazine By All Accounts, and the Upper Tribunal’s decision of last week, we asked Alison Ring, Commissioners’ Advisory Accountant to provide an update on the Ball UK Holdings case. Alison reports:

On 10 December 2018 the Upper Tribunal (Tax and Chancery Chamber) handed down a decision in respect of Ball UK Holdings Ltd. The decision emphasises that the meaning of an accounting standard is a matter of fact and that accounting standards are intended to identify proper accounting practice not law and that "no accountant would consider turning to a lawyer for assistance in their interpretation, and nor should they."

The Tribunal noted that, where appropriate, interpretations are provided by the relevant accounting standards board, not only in notes, “Basis for Conclusions” and other accompanying material published with the standards, but also via committees, whose function is to provide interpretations.

The decision can be read in full here.