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Date of expense book

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 January 2014 In an advertising company for the services of project shoot abroad and if bill is raised for completed part , can expenses be booked on the date of payment rather than the invoice date or date of receipt of invoice, instead of date of payment
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CA SAYANTAN BASU

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CA SAYANTAN BASU (Expert)
25 January 2014 Dear sir ,
This you have to refer to AS -9 OF THE ACCOUNTING STANDARDS OF ICAI ....

1. As per AS-9 , which deals with income /revenue recognition , there are 2 methods 1. Percentage completion method

2. full completion method ....
the choice has been given to the accountants to follow any one of the two ....
3. If you follow one method then follow consistently ..
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