Rimbursement- is it a revenue income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2011
XYZ Ltd spending amount in India and debiting to expenses. It takes reimbursement from outside India for this as per contract entered into with them. Whether this reimbursement can be treated as revenue income? Or this should be credited to expenses?
Requested a professional answer with reference to Indian accounting law, standard and practices.
Requested a professional answer with reference to Indian accounting law, standard and practices.
05 August 2011
IAS-18 specifically says amount collected on behalf of third party can not be treated as Revenue whereas AS9 is silent on this.
Logically this is pass through expense i.e money expended later on got this reimbursed. It is not part of the revenue.
Due to lack of proper and exact information it is difficult to advice correctly.
Logically this is pass through expense i.e money expended later on got this reimbursed. It is not part of the revenue.
Due to lack of proper and exact information it is difficult to advice correctly.
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