Your professional fees for the current year are the total of:
■all amounts you received during the year for professional services, whether you provided the services before or during the current year or after your current year-end;
plus
■all amounts receivable at the end of the current year for professional services you provided during the current year; and
■the value of your WIP at the end of your current year for which you have not received any amount during the year;
minus
■all amounts receivable at your previous year-end; and
■the value of your WIP that was included in professional fees at the end of your previous year.