revenue recognition criteria
This query is : Resolved
25 March 2009
installation of product takes 6-8 months. the installation is other than incidental to sale of product.
if contracts fall in two different accounting years, whether AS - 7 (percentage completion) or AS -9 (completed contracts) should be applied for recognising revenue and why.
if contracts fall in two different accounting years, whether AS - 7 (percentage completion) or AS -9 (completed contracts) should be applied for recognising revenue and why.
25 March 2009
as-7 is applicable only when contractor contractee relationship is there. just because contract falls in 2 different acc. years AS-7 cannot be applied
i need to know more abt the contract to tell whether AS-7 will apply or AS-9.
i need to know more abt the contract to tell whether AS-7 will apply or AS-9.
25 March 2009
I think AS 7 is applicable.Further, as per me if it is a contract then there should be contractor contractee relationship.
26 March 2009
contractor - contractee relationship is there as a contract has been entered .
the company has to install the product which has been supplied by another group company. a separate contract for installation with the company has bben entered which may fall in two different accounting year.
the company has to install the product which has been supplied by another group company. a separate contract for installation with the company has bben entered which may fall in two different accounting year.
28 June 2023
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