The Institute of Chartered Accountants in England & Wales offers guidance to brokers
The Institute of Chartered Accountants in England & Wales (ICAEW) has set out its interpretation of FRS 5 Application Note G "Revenue Recognition" (the application note), issued by the Accounting Standards Board in November 2003 in the context of sales of insurance products and services by intermediaries.
The application note became effective for accounting periods ending on or after 23 December 2003. TECH 5/04 was prepared to address an urgent need for a consistent interpretation of the application note in respect of insurance intermediaries.Iain Coke, the ICAEW’s financial Services industries manager, commented: "Revenue from insurance contracts is exempt from the application note. We do not consider that this applies to revenue received by insurance intermediaries and do not believe that the
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