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The QCA Financial Reporting Committee drafted this response to the International Accounting Standards Board (IASB)'s initial proposals for changes to revenue recognition.  The QCA commented that we fully welcome the underlying aim of the project to clarify the principles of recognising revenue and the need to simplify and reduce the number of standards involved.  However, we noted that there were areas of concern, most particularly the proposal that revenue should be recognised only when a performance obligation is satisfied.

Click here to read the response (pdf)

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