There are some specific statutory rules governing the timing or
relief for some specific expenditure and there is some case law
which gives guidance on recognising income. There is little
specific guidance within UK GAAP on income recognition and the
general approach is very similar to the case law approach. There is
some guidance within UK GAAP on recognising expenditure.
Income is generally earned when goods are provided or
services completed. The timing of issuing bills, invoicing, or
receiving payments does not determine when income should be
recognised. The guidance at BIM31105 and BIM31110 looks at
circumstances when goods or services are not provided.
| BIM31090 | Tax and accountancy: timing of receipts and expenditure: general principles derived from case law |
| BIM31095 | Tax and accountancy: timing of receipts and expenditure: accountancy practice and case law developments |
| BIM31100 | Tax and accountancy: timing of receipts and expenditure: anticipation of loss |
| BIM31105 | Tax and accountancy: when to recognise profits: source is important |
| BIM31110 | Tax and accountancy: recognition of deposits and compensation |
| BIM31115 | Tax and accountancy: timing of income and expenditure: UK GAAP |
| BIM31120 | Tax and accountancy: timing of receipts and expenditure: recognition of income during rent free periods |
