AS-9 Revenue recognition
This query is : Resolved
05 April 2009
We are selling power through IEX.We have to commit for power trading before one day. on 31st we have commited for giving power on 1st April. Whether we would recognise this income in 31st or in 1st April. Even if we reject for actual delivery on 1st but once we get revene for that and afterwards penalty will charge on us. Please suggest proper accounting.
05 April 2009
revenue can be recognised only when it becomes reasonably certain that collection will be made...
so u need to see the agreement wat it says...
but i believe it should be recognised on 1st april as revenue generating event took place on 1st april...
so u need to see the agreement wat it says...
but i believe it should be recognised on 1st april as revenue generating event took place on 1st april...
Message likes :
1 times
CA Sanat Pyne
(Expert)
22 April 2010
it should be recognised on 1st april.Because the event took place on 1st april.
Revenue does not recognise on the date of agreements but on the event occured.
Revenue does not recognise on the date of agreements but on the event occured.
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