Accounting standards
This query is : Resolved
R.Vishnuprakash
(Querist)
26 April 2012
sir this is vishnu i hv a doubt, in as
7 it is said that for identifying
incentives income iT is placing
following condition 1 contract
should be in reasonably advance
stage
2 probablity of meeting
performance standards should be
more
3 incentive should be measured
my doubt is,is it voilating
prudence concept
because here we are identifying revenue and recognising -based on percentage of completion method
for anticipated future inflow
7 it is said that for identifying
incentives income iT is placing
following condition 1 contract
should be in reasonably advance
stage
2 probablity of meeting
performance standards should be
more
3 incentive should be measured
my doubt is,is it voilating
prudence concept
because here we are identifying revenue and recognising -based on percentage of completion method
for anticipated future inflow
03 May 2012
Just calculate % of the total expenses incurred during the year and pay tax on the profit. Add this to work in progress.
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