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Work in progress or unbilled revenue

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 December 2009 Can someone pls tell me how they calculate/estimate work-in-progress or unbilled revenue as per the requirement of As-7, for software development companies?

Contracts are both T&M and Fixed contracts.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
25 December 2009 As per AS-7 First you need to calculate the Percentage of completion of contract i.e cost incurred up to date/ total budgeted cost fo the project x 100

then you have to apply the percentage of completion on the contract value you can get the proportion value of sales related cost incurred

now you calculate

Unbilled Revenue=Actual sales - The sales proportion to the budget cost which you arrived based on the percentage of completion
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