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.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester