revenue recognition criteria
This query is : Resolved
Nilesh Mehta
(Querist)
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.
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.
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.
i need to know more abt the contract to tell whether AS-7 will apply or AS-9.
SANJAY VERMA
(Expert)
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
(Querist)
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.
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
(Expert)
28 June 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- ETDS return q4 25-26
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
