A deposit for 3 years with Customs authority have been made. The deposit carries an interest of 9.45% p.a payable at maturity. Should the interest income on such deposits be recognised every year or at maturity of the deposit?
Thanks in advance
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Recognising interest on deposit with customs
Replies (1)
AS per AS-9 interest income should be recognised on time basis,so in your case recognise interest every year........
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