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.
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day