ASB issues Information sheet
The Accounting Standards Board of the Institute of Chartered Accounts in England & Wales has issued an Information sheet setting out a proposed Urgent Issues Task Force Abstract ‘Residential Management Companies Financial Statements’. This is to assist residential management companies to determine whether they are acting as principal or agent when undertaking residential service transactions with third parties, and thereby determine which transactions should be recognised in their financial statements. It also deals with protecting the needs of users of Residential Management Companies financial statements (including tenants); and assisting preparers in fulfilling their statutory duties.
Full copy of Information Sheet here
