November 2003 amendment to FRS 5 'Reporting the substance of transactions': Revenue recognition
Article Abstract:
The amendments to Financial Reporting Standard 5 'Reporting the Substance of Transactions', namely the addition of Application Note G 'Revenue Recognition' that should be applied in financial statements for accounting periods ending on or after 23 December 2003, are described. The objective of the FRS is to ensure that the substance of an entity's transactions is reported in its financial statements and that the commercial effect should be faithfully represented.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2004
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Improvements to digest
Article Abstract:
The improvements to 13 revised International Accountancy Standards (IASs) published by the International Accounting Standard Board (IASB) at the end of 2003 that was a part of its improvement project, is focused. The project, which was undertaken to raise the quality and consistency of financial reporting, removed a number of options contained in IASs and did not considered the fundamental basis of accounting in each standard.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2004
User Contributions:
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