revenue recognition criteria

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Nilesh Mehta (Querist)
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25 March 2009 installation of product takes 6-8 months. the installation is other than incidental to sale of product.

if contracts fall in two different accounting years, whether AS - 7 (percentage completion) or AS -9 (completed contracts) should be applied for recognising revenue and why.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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25 March 2009 as-7 is applicable only when contractor contractee relationship is there. just because contract falls in 2 different acc. years AS-7 cannot be applied

i need to know more abt the contract to tell whether AS-7 will apply or AS-9.

SANJAY VERMA

SANJAY VERMA (Expert)
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25 March 2009 I think AS 7 is applicable.Further, as per me if it is a contract then there should be contractor contractee relationship.

Nilesh Mehta

Nilesh Mehta (Querist)
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26 March 2009 contractor - contractee relationship is there as a contract has been entered .

the company has to install the product which has been supplied by another group company. a separate contract for installation with the company has bben entered which may fall in two different accounting year.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 June 2023 "Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp

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