Rent income recognition

You have said that the hotel will be rented out for 8 months & the installments will be received in 3 parts. So from each installment recd, whatever amount is related to current month shall be recorded as income and the remaining will be shown as Advance recd.

Entry would be as follows:

Bank A/c Dr     xxxxx

To- Rental INcome          xxxx

To- Advance Recd            xxxx

When the rent for the current month is due then the below entry would be posted:

Advnace REcd Dr    xxxxx

To-rental income                  xxxxx

However you can also post the entire amount to income, as the income would be pertaining to the same F.Y.  However if the contract is extending beyond the financial year then the entries as suggeted above will need to posted.

But how can we reord the agreement in our books? I understand that these entries should be posted. But I want to know that since the agreement has been made and even the first installment made can we record the whole contract in our books or will it be conflicting with IAS/IFRSs.