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On 13 November, 2003, the Accounting Standards Board (ASB) issued application note G (ANG 5) to Financial Reporting Standard 5 (FRS5). While application note G was ostensibly intended to decelerate revenue recognition in certain business sectors, some interpreted ANG 5 as having the potential effect of advancing the recognition of taxable income for professional services, sometimes materially. ANG 5 affects accounting periods ending after 22 December, 2003, including many accounts ending up to 5 April, 2004, which will form the basis of tax returns to be filed no later than 31 January, 2005. With that deadline now looming, there is a pressing need for a clear interpretation of ANG 5.

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