Sitting on large amounts of unbilled work will have tougher consequences for firms as a result of new rules on revenue recognition. Taking a robust line on billing clients means a change of mindset, as well as process. David Furst reports
July 06, 2005 at 08:03 PM
1 minute read
The original version of this story was published on Legalweek
Few professional firms have welcomed UITF 40, the rules produced in response to the confusion over how professional services firms should account for their income.
For virtually all firms, the consequence is accelerated revenue recognition and a one-off tax hit.
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