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Revenue Recognition

This query is : Resolved 
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(Querist)
04 July 2009 90% revenue recd on completion of contract & 10% will be recd after 1 year or after furnishing bank guarantee, Whether revenue recognised 100% or 90% on issue of invoice & bal 10% after recipt of payment
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Bindu Madhav

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Bindu Madhav (Expert)
04 July 2009 It should be recognised based on completion. If all the work is completed - you have to recognise 100% and the balance 10% will be receivables
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CA Kartik Pandya

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CA Kartik Pandya (Expert)
04 July 2009 reply of Bindu is absolutely in accordance with AS 7.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
04 July 2009 agree with the expert
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