Revenue recognition
This query is : Resolved
19 May 2014
Can someone tell me how Indian railways recognise revenue(as per AS-9) from sale of ticket coupons of Mumbai local train? According to me they should recognise the revenue at the time of sale of ticket coupon. But, is it against the revenue recognition criteria prescribed by AS-9? Because, as per AS-9, revenue can be recognised as per two methods: Percentage completed method and Contract completion method. If it is against the recognition criteria, whether auditors of Indian railways give a qualified report?
19 May 2014
1. according to you they should recognize it at the time of sale. But do you know how they actually recognize? first find answer to this question and then the question will arise whether it complies with AS 9 or not.
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