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The QCA Financial Reporting Committee reviewed the International Accounting Standards and the US Financial Accounting Standards Boards public consultation which discusses standards to improve and align the financial reporting of revenue from contracts with customers and related costs.

The Committee responded with the main concern remaining that of the determination of the performance commitments and the need to satisfy these before revenue may be recognized, and the determination of the point at which control passes in order that the related performance obligation has been met.

Click here to read the response (pdf)

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