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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Commercial
High noon in commercial combined’s ‘Wild West’
Brokers say falling premiums may look like easy pickings, but erratic insurer appetite and patchy service may mean a painful reckoning ahead.
Award-winning Bartlett boosts profit in 2025
Post-tax profit at Bartlett Group rose 81% to £2.39m in the year ended 30 September 2025, a filing at Companies House has revealed.
Commercial Express moving from Open GI to Acturis
Managing general agent Commercial Express is switching from Open GI to Acturis for its back-office operating system and product launches, Insurance Age can reveal.
Verlingue grows again in 2025, EBCam deal price revealed
Top 100 UK broker Verlingue Holdings grew profits and turnover in 2025, maintaining its long-running expansion streak.
Interview: Gallagher’s Karen Greenhalgh
Karen Greenhalgh, head of broking and placement for the commercial division at Gallagher in the UK, details her route into insurance, being one of the very first recruits when the US giant entered the retail market, and following her recent promotion her vision for her new role at the consolidating behemoth.
US to feel the brunt of Acrisure's 11% workforce cull
Acrisure has stated that most its upcoming job cuts will be in the US.
Sign up for Broker Expo now to be ready for 2027 and beyond
You can now sign up to attend Broker Expo as part of Insurance Age’s wider UK Broker Week which also encompasses the UK Broker Awards and UK Broker Summit.
Cross-selling at the forefront for Covéa, say PL boss Coffey and CL leader Hector
Covéa personal lines director Sue Coffey has outlined plans to widen Covéa’s home insurance footprint and the cross-selling opportunities with the commercial business, as the insurer pinpoints profits as the lead focus going forward.