Accounting standards
This query is : Resolved
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- Relief u/s Section 89
- SGST balance is there in credit ledger how to adjust for cgst
- REGARDING SECTION 44AE
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
