I have a query in respect of reimbursement of expenses.
Currently as i understand any invoice raised in respect of reimbursement of expenses goes as credit to expenses instead of revenue.
If the contract is inclusive of expenses, it takes the shape of revenue.
Hence, wanted to know whether there is any possibility of recognition of revenue on reimbursement of expenses if the contract is not inclusive but exclusive.
I am given to understand that as per US Gaap, the same can be taken as revenue...
Would Indian Gaap also allow me to do so...
if yes/ no.. can you substantiate with any guidelines or write-up...
CAclubindia
