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Booking of contract revenue set to change

From 2017, firms must follow a 5-step model requiring more judgment, estimates

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In what may be the biggest change in recent years in the manner companies prepare their accounts, the world's global financial standards setting body has announced a substantial alteration in the way revenue is to be recognised - PHOTO: SPH

[SINGAPORE] In what may be the biggest change in recent years in the manner companies prepare their accounts, the world's global financial standards setting body has announced a substantial alteration in the way revenue is to be recognised. The International Accounting Standards Board (IASB) -

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