Recognition of Unbilled Revenue in Compliance with AS and Ind AS for Long-Term Contracts
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- By Taxmann
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- Last Updated on 20 November, 2024
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This article delves into the recognition and treatment of unbilled revenue, a common scenario for businesses providing services under long-term contracts. It covers the guidelines outlined in AS-9 and Ind AS 115, focusing on when and how revenue should be recognized in accordance with the accrual basis of accounting.
The case study explains the classification of unbilled revenue under AS and Ind AS framework, depending on the performance and invoicing timeline. It also provides insights into the necessary journal entries to ensure accurate financial reporting, ensuring that businesses adhere to applicable accounting standards while reflecting their true financial performance.
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