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n IMFO : Official Journal of the Institute of Municipal Finance Officers - iGRAP 1 and the monster it created
In writing this piece I wrote the conclusion first, thus if you don't want to read through this jabber, skip to the last paragraph.
More than two years ago the amendments to iGRAP 1 (Applying the Probability Test on Initial Recognition of Revenue ) was approved and issued by the Accounting Standards Board. The change in iGRAP 1 was so small, most people did not even give any thought to it - because what impact will the change of a few words have on the way we have been applying GRAP from non-exchange transactions? - well let me tell you that the change has had horrific consequences.
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