The bureau's initial total accrued revenue from January to June 2018 has already reached P280.33 billion, exceeding the P278.13-billion target by 0.8 percent or a revenue surplus of P2.2-billion in mid-2018.
The tax so paid under B2C supplies is an accrued revenue for the government, whereas taxes paid under B2B supplies is a liability which would be adjusted till a final B2C supply occurs," said Rajat Mohan, partner, AMRG and Associates.
In ASICs view, Mr Bourke should have obtained this further evidence in connection with the recognition and recoverability at year end of a material accrued revenue asset and consideration of any possible impact on goodwill.
The Customs Administration announced that following their highest accrued revenue in its 25 years of existence as an independent state body, they keep the trend of successful payment of duties in 2017.
The restatement was necessary, according to the filing, because the company had previously classified additions to deferred costs as investment activity instead of operating cash flow activity--more on that later--and because of problems with how Acxiom accrued revenue.