Revenue Recognition

[abhishreshthaa]

Sales are recognised when goods are supplied and are recorded net of trade discounts, rebates, sales taxes and excise duties (on goods manufactured and outsourced) but include, where applicable, export incentives such as duty drawbacks and premiums on sale of import licences. It does not include inter-divisional transfers.Income from Property Development Activity is recognised under


the completed contract method and in terms of arrangements with developers, where applicable.
Incomes from services rendered are booked based on agreements/arrangements with the concerned parties.


Interest on investments are booked on a time proportion basis taking into account the amounts invested and the rate of interest.Dividend incomes on investments are accounted for when the right to receive the payment is established.

 

[jitendra05]

Sales are recognised when goods are supplied and are recorded net of trade discounts, rebates, sales taxes and excise duties (on goods manufactured and outsourced) but include, where applicable, export incentives such as duty drawbacks and premiums on sale of import licences. It does not include inter-divisional transfers.Income from Property Development Activity is recognised under


the completed contract method and in terms of arrangements with developers, where applicable.
Incomes from services rendered are booked based on agreements/arrangements with the concerned parties.


Interest on investments are booked on a time proportion basis taking into account the amounts invested and the rate of interest.Dividend incomes on investments are accounted for when the right to receive the payment is established.

Well, i am also going to share some important information on Revenue Recognition which would help others. Well, i also appreciate your work for sharing information on Revenue Recognition.