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In a directive dated 24 March 1998 (DB 1998, 700), the Federal Ministry of Finance has stated that invoices showing amounts including VAT in both German marks and in Euro will be acceptable from 1 January 1999 onwards. Such invoices must clearly indicate that the purpose of showing amounts in both currencies is to enable the recipient to remit payment in the currency of his or her choice.
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How should fees received upfront, prior to the provision of services, be accounted for? IFRIC recently considered this question but was unable to reach a definitive answer.
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