Reimbursement of expenses - can we recognise revenue
This query is : Resolved
27 November 2008
Dear Sir/Madam,
I have a query in respect of reimbursement of expenses.
Currently as i understand any invoice raised in respect of reimbursement of expenses goes as credit to expenses instead of revenue.
If the contract is inclusive of expenses, it takes the shape of revenue.
Hence, wanted to know whether there is any possibility of recognition of revenue on reimbursement of expenses if the contract is not inclusive but exclusive.
I am given to understand that as per US Gaap, the same can be taken as revenue...
Would Indian Gaap also allow me to do so...
if yes/ no.. can you substantiate with any guidelines or write-up...
Thx in advance...
I have a query in respect of reimbursement of expenses.
Currently as i understand any invoice raised in respect of reimbursement of expenses goes as credit to expenses instead of revenue.
If the contract is inclusive of expenses, it takes the shape of revenue.
Hence, wanted to know whether there is any possibility of recognition of revenue on reimbursement of expenses if the contract is not inclusive but exclusive.
I am given to understand that as per US Gaap, the same can be taken as revenue...
Would Indian Gaap also allow me to do so...
if yes/ no.. can you substantiate with any guidelines or write-up...
Thx in advance...
10 October 2009
If this old query is still pending you can send me a PM..
10 October 2009
If this old query is still pending you can send me a PM..
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