The draft sets out basic principals for revenue recognition for five different types of transaction – long term contractual performance, separation and linking of contractual arrangements, bill and hold arrangements, sales with right of return and presentation of turnover as principal or agent.
ASB Chairman, Mary Keegan, said that it became necessary to produce an interim step before the finalisation of a replacement for IAS 18 as some companies ‘have rather “pushed the envelope” in their recent reporting practices’.
Comments on the draft are requested until 30 May.
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process