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.

Accounting procedures, Sales accounting

---

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.

Accounting Methods, International Accounting Standards Board

---

Similar abstracts:

• Abstracts: Think FRSSE first. Amendment to FRS 26 (IAS 39) Financial Instruments: Measurement, Recognition and Derecognition
• Abstracts: Beyond IAS 19. Counting the cost of pensions. Open the black box
• Abstracts: A two-for-one in tomato nutritional enhancement. Loosening lignin's grip on biofuel production. Lignin modification improves fermentable sugar yields for biofuel production
• Abstracts: Gene editing in human stem cells using zinc finger nucleases and integrase-defective lentiviral vector delivery
• Abstracts: The dynamics of the social mix. The tide has turned

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.