The Institute of Chartered Accountants in England & Wales offers guidance to brokers

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

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