At Present,in Most Cases,the Firm Must Be a Direct Participant
At present,in most cases,the firm must be a direct participant in a transaction before revenue can be recognised.
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Revenue can never be recognised before the point of sale.
In determining whether a sale has taken place consideration should only be given to the legal form of the contract of sale.
Where revenue is not recognised until cash is received it is possible that the revenue recognition criteria 'substantial completion' has not been met prior to this event.
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