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Unformatted text preview: come of a construction contract
can be estimated reliably,
estimated Contract revenue (including any money
retained under the contract) & Contract costs associated with the
construction contract Should be recognised as revenue & expenses
respectively by reference to the stage of
completion of the contract of activity at the
33 Valuation of Stock on Cessation of
Business Upon cessation of business,
Upon cessation Where the trading stock is sold to a person who will
sold Use the stock in a business carried on in HK & Claim the purchase cost as a deductible
expense The actual sale proceeds shall be used in the tax
In any other situations, the open market value of the
stock at date of cessation would be taken as its value for
tax purpose (s.15C).
34 The Principle of Sharkey v. Werhner According to the principle o...
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This note was uploaded on 04/02/2013 for the course ECON 20222 taught by Professor Junelau during the Spring '13 term at City University of Hong Kong.
- Spring '13