Accounting standards

This query is : Resolved

R.Vishnuprakash (Querist)
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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

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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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