Paul Sutcliffe Quotes (4 Quotes)

Rather than starting from an approach which focused on particularspecific types of transactions and provides views on whether revenue arises from that transaction, and when and how much revenue, the exposure draft establishes broad principles and then exp

We should be reporting the results of economic phenomena, like the imposition of taxes, in the period in which the taxing event occurs and the government gains the right to resources. This will often be the same period in which the cash flows, but need not be.

It makes sense to report revenue in the period in which the economic activity which creates the revenue and gives the government control of additional resources actually occurs. This is when the government is better off. This may not be the same as the period in which, for example, the cash is collected. For purely administrative reasons, in many jurisdictions cash may be collected before or after the economic event the taxing event occurs.

For the first time, this document proposes international accounting standards for the recognition and measurement of the main sources of revenue for most governments and their entities - that is, taxes and transfers, including a wide range of non-exchange