Interest on fds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 May 2013
hi good morning every one am a article student now am doing statutory audit of a company now my query is interest on fixed deposits on what basis they have to accounted the interest amount on every month and at the end of the year, actually they are accounted on receipt basis it means whenever the FD withdrawn that time only they were accounting the interest as well as principle, but my argument is as per AS9 revenue recognition if it is interest they have to accounted on accrual basis only right.. please help me in this regard
thank u
Ram
thank u
Ram
18 May 2013
Accounting for Companies need to maintain accrual basis. hence interest need to be accounted monthly. not an receipt basis
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