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Home Acts & Rules Direct Taxes Rules Accounting Standards U/s 145(2) Chapters List Old - ICDS for AY 2016-17 (Since withdrawn) This
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ICDS - 05 (old) - Revenue Recognition - only for AY 2016-17 - Accounting Standards U/s 145(2)

Extract

..... f the Act shall prevail to that extent. Scope 1(1) This Income Computation and Disclosure Standard deals with the bases for recognition of revenue arising in the course of the ordinary activities of a person from (i) the sale of goods; (ii) the rendering of services; (iii) the use by others of the person's resources yielding interest, royalties or dividends. 1(2) This Income Computation and Disclosure Standard does not deal with the aspects of revenue recognition which are dealt with by other Income Computation and Disclosure Standards. Definitions 2(1) The following term is used in this Income Computation and Disclosure Standard with the meanings specified: (a) "Revenue" is the gross inflow of cash, receivables or other consi .....

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ICDS - 05 (old) - Revenue Recognition - only for AY 2016-17 - Accounting Standards U/s 145(2)

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..... aim shall be postponed to the extent of uncertainty involved. Rendering of Services 6. Revenue from service transactions shall be recognised by the percentage completion method. Under this method, revenue from service transactions is matched with the service transactions costs incurred in reaching the stage of completion, resulting in the determination of revenue, expenses and profit which can be attributed to the proportion of work completed. Income Computation and Disclosure Standard on construction contract also requires the recognition of revenue on this basis. The requirements of that Standard shall mutatis mutandis apply to the recognition of revenue and the associated expenses for a service transaction. The Use of Resources by Others .....

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ICDS - 05 (old) - Revenue Recognition - only for AY 2016-17 - Accounting Standards U/s 145(2)

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..... ar commencing on the 1st day of April, 2015 and subsequent previous years. Disclosure 12. Following disclosures shall be made in respect of revenue recognition, namely: - (a) in a transaction involving sale of good, total amount not recognised as revenue during the previous year due to lack of reasonably certainty of its ultimate collection along with nature of uncertainty; (b) the amount of revenue from service transactions recognised as revenue during the previous year; (c) the method used to determine the stage of completion of service transactions in progress; and (d) for service transactions in progress at the end of previous year: (i) amount of costs incurred and recognised profits (less recognised losses) upto end of previous year; ( .....

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ICDS - 05 (old) - Revenue Recognition - only for AY 2016-17 - Accounting Standards U/s 145(2)

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