The Accounting Standards Board's Application Note G has caused confusion and consternation among the financial managers of professional services firms since its publication in 2003. Recent guidance issued by the ASB's Urgent Task Force promised to clarify AN G's powers, but has it lived up to expectations? George Bull reports
April 13, 2005 at 08:03 PM
1 minute read
The original version of this story was published on Legalweek
As long ago as 13 November, 2003, the Accounting Standards Board (ASB) issued Application Note G (AN G) on income recognition. Its intention was to deter the early recognition of income.
Instead, AN G created uncertainty among law firms, because some commentators believed it required them to accelerate income recognition on short-term contracts. This would result in partners paying tax on income they had not received.
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