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
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