Accounting Standard AS 9 Revenue Recognition
STATUTORY COMPLIANCE
Compliance with the Accounting Standards as prescribed under section 211(3) of The Companies Act, 1956.
Accounting Standard (AS-9) – Revenue recognition
Accounting for sale of products must conform to AS – 9 issued by the Institute of Chartered Accountants of India.
STATUTORY COMPLIANCE
Compliance with the Accounting Standards as prescribed under section 211(3) of The Companies Act, 1956.
Accounting Standard (AS-9) – Revenue recognition
Accounting for sale of products must conform to AS – 9 issued by the Institute of Chartered Accountants of India.
- A key criterion for determining when to recognize revenue from a transaction involving the sale of goods is that the seller has transferred the property in the goods to the buyer for a consideration. The transfer of property in goods, in most cases, results in or coincides with the transfer of significant risks and rewards of ownership to the buyer.
- When recognition of revenue is postponed due to the effect of uncertainties, it is considered as revenue of the period in which it is properly recognized.