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Work in progress for barrister company-UITF40

Work in progress for barrister company-UITF40

For a limited company with 2 barristers taking minimal salaries and with little other overheads should recognition of profit be included in the accounts? As example say they work on a case straddling the year end that generates £10,000 after the year end and before the accounts are drawn up. Our query relates to the WIP.

BIM 74150 says "This will include valuing debtors, files completed but not yet billed, and work in progress."

Any help would be greatfully appreciated!


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07th Feb 2013 16:05

You need to account using the principles of UITF 40.


A few years ago CCAB issued guidance to Accountancy Firms - this guidance is relvant here (I think!)




Also, read the gudiance from the Bar COuncil, available here:-


But yes, if it is a true contingent - do not include!






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