Dear All
Pls tell me wht is the right a/cing policy to write for revenue recognition
Situation : Revenue recognition for completed services other than constuction field .And revenue recognition done on the basis of agreement done between two parties and it is 80% billing done in current year and remaining 15% & 5% to be done in next year without any fix period for recognition.The work is already completed.wht to do?
1.To be recogise in current year for remaining billing
2. to be done in next year ,by considering periodical biiling.
(15% billing done on verification basis and 5% after satisfication of work depends upon terms of different works assigned.)
CAclubindia
