As we gained distinct exposure to various businesses – your client portfolio starts to move away from trading / production into building, utilities, or other unique industry. The financial reporting standards states the principle. Dealing with more complicated accounting issues, FRS might not have comprehensive guidance in-place to prescribe the accounting treatment.
This is especially so for revenue popularity – IAS 18 – it’s nearly impossible with this mythical accounting standard to deal with the revenue recognition of just about all industries – corporate sphere is diversified and the world is changing rapidly – new kind of service might be devised by ingenious entrepreneur – how does accountant account for it and how can auditor audit the accounting treatment suggested by client?
There is a growing quantity from our customers to call into hunt for auditor’s advise regarding the appropriateness of revenue recognition policy on new revenue flo… Read More