George Bull looks at the latest developments in the implementation of new accounting rules for law firms
January 12, 2005 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
The recent publication of Information Sheet 70 by the Urgent Issues Task Force (UITF) will, it is hoped, mark the beginning of the end of the current debate on revenue recognition in professional firms.
The debate has its roots in the publication by the Accounting Standards Board (ASB) on 13 November, 2003, of Application Note G (ANG 5) to Financial Reporting Standard 5 (FRS 5).
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