AS 9 Revenue Recognition
AS 9 is Not Applicable For
When to recognise revenue?
- Significant Risk and Rewards of ownership is transferred
- Entity does not retain any Effective control Goods sold
- Cost can be reliably Measured
- Collection of the revenue is certain
- Stage of completion is measurable and is certain.
When one of the above is not certain then
I. Revenue to be Recognised When there is Sale Of Goods
II. Revenue to be Recognised Services are Rendered
III. Revenue to be Recognised In Various Cases
Disclosures
In addition to the disclosures required by AS 1 on 'Disclosure of Accounting Policies', an enterprise should also disclose the circumstances in which revenue recognition has been postponed cause of significant uncertainties.
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