Recognising the importance of accounting concepts for tax professionals Stuart Collins Assurance and Advisory Partner at PKF looks at the practicalities of applying UITF 40
The Urgent Issues Task Force has published the final version of its new abstract 'UITF abstract 40 — Revenue recognition and service contracts'. This is in response to the recent confusion that has arisen over how professional service firms should account for their income.
A brief history of the issue
The difficulties began in late 2003 with the publication by the Accounting Standards Board of a document known as FRS 5 Application Note G (AN G). Commentators in the accounting and legal press found this difficult to interpret in the context...
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Recognising the importance of accounting concepts for tax professionals Stuart Collins Assurance and Advisory Partner at PKF looks at the practicalities of applying UITF 40
The Urgent Issues Task Force has published the final version of its new abstract 'UITF abstract 40 — Revenue recognition and service contracts'. This is in response to the recent confusion that has arisen over how professional service firms should account for their income.
A brief history of the issue
The difficulties began in late 2003 with the publication by the Accounting Standards Board of a document known as FRS 5 Application Note G (AN G). Commentators in the accounting and legal press found this difficult to interpret in the context...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
