2 Quotes by Paul Sutcliffe

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.

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 revenues. The exposure draft will provide guidance to those countries searching for accounting policies to deal with this complex area.