Lane Legal and Associates is a famous legal firm in Australia. It provides legal services in the area for all small to medium companies. There are 2000 clients including 30% small companies. In the beginning of final year 2023 Lane provided legal consultations for 100 small tier companies for $8500 each. Lane is also asked to prepare employee contracts for 50 medium companies with $5000 each. The contract work will be performed by the contract team two
months later.
Required
Explain how Lane Legal and Associates should record the consultation work and employee contract work, justifying your answer by reference to relevant AASB Conceptual Framework’s definition and recognition criteria.

Answer rating: 100% (QA)

To properly record the consultation work and employee contract work for Lane Legal and Associates we can refer to the AASB Australian Accounting Stand... View the full answer