FRS5 forces funds review
Brokers will be forced to review their accounting practices and could see funds disappear from their...
Brokers will be forced to review their accounting practices and could see funds disappear from their balance sheets after the Institute of Chartered Accountants in England & Wales confirmed recent amendment FRS5 applies to brokers.
The amendment, issued in November 2003 by the Accounting Standards Board, became effective on 23 December and affects how revenue is recorded.
As a result, payment for services can only be declared in the current accounting year if the service is carried out in that
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