On 10 March 2005, the Urgent Issues Task Force (UITF) of the Accounting Standards Board published UITF 40 Abstract 40 Revenue recognition and service contracts (UITF 40). UITF 40 applies to accounting periods ending on or after 22 June 2005. On 27 April 2006, the Institute of Chartered Accountants in England & Wales (ICAEW) published a three part guidance note on UITF 40. This was developed out of an earlier guidance note prepared by the Association of Tax Technicians and the Association of Accounting Technicians in conjunction with the ICAEW’s Practice Society. This earlier guidance note was, with some amendments, adopted as Part 2 of the ICAEW’s guidance on 27 April. Download the complete factsheet from the 'related links' section of this page.