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HMRC internal manual

Business Income Manual

HM Revenue & Customs
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Receipts: general: when are they earned?

Guidance on income recognition under UK GAAP is in Application Note G to FRS5 (and SSAP9 in relation to long-term contracts), FRS102 in section 23 and under IAS in IAS18. See BIM31080 onwards. Broadly, receipts are ‘earned’ when goods are sold or services provided.