The last word

I DIDN'T WANT to return to this topic. I thought we had covered it more than sufficiently in the late spring. Two things changed my mind: the correspondence generated recently in 'Feedback' and discussions with some of the delegates at the CIOT conference in Nottingham.
The latter in particular made me realise quite how much this has been a case of two monologues rather than a dialogue. On one side are those such as Trevor Johnson writing in this week's 'Feedback' (page 724) who do not accept that anything has been changed by UITF 40 on the grounds broadly that there is no right to bill for the work concerned. They are looking for arguments based on principle about whether UITF 40 means that recognising fees 'on the clock' at year end for a professional practice is now part of GAAP. On the...