Financials Providing information on revenues, net Gross revenue is recorded as earned on client income, taxation and investments projects. This involves a degree of estimation, considering for example the stage of completion Basis of preparation of individual projects. Gross revenues also As detailed in the Governance section of this include disbursements incurred exclusively on review, each member ifrm of the PwC network behalf of clients. is owned and controlled by its partners, and is independent of other ifrms in the PwC network. Expenses are recognised as incurred, with We therefore cannot present consolidated accruals made for unpaid amounts at the year ifnancial information as envisaged by generally end. These expenses include for example accepted accounting standards. Accordingly, property, administrative and employment the information that is presented below is expenses. Expenses do not include any aggregated from each member ifrm. payments to partners.