Revenue recognition

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Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2015 Whether Revenue can be Recognised without raising invoice?

Amol S Joglekar

Amol S Joglekar (Expert)
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08 May 2015 Normally NO.

To stretch the imagination to other EXTREME.

In some contracts a certain sum is received as ADVANCE....there is one more condition/stipulation in the said contract that unless the work of certain amount is done "Running Account Bill" can not be raised... say 50 lakh.

As at the year end...the situation may arise....advance is received...yet the work if not 50 lakh but say around 35 lakh is done... the revenue of 35 lakh may be recognised without even raising the invoice subject to however MATERIALITY of the amount of 35lakh

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 May 2015 Yes, only in those cases where AS-7 is mandatory.

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