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  • Step 1 - Identify total gross revenue



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    The total gross revenue is the sum of amounts shown in the accounts of a CFC as gross revenue - that is, deductions are not taken into account. Do not include amounts that have not been brought to account in the period. For example, an amount may not be recognised in the accounts because its receipt is extremely doubtful. This amount would not be included in gross revenue. The exclusion of the amount must, however, be in accordance with commercially accepted accounting principles and give a true and fair view of the CFC's financial position.

    Last modified: 05 Dec 2006QC 17522