Revenue recognition in case of warranty contracts It is common for an entity to provide warranty in c onnection with the sale of a produc...
Showing posts with label FINANCIAL-ACCOUNTING. Show all posts
Showing posts with label FINANCIAL-ACCOUNTING. Show all posts
Revenue recognition basis for fee type chaarges
Revenue recognition basis for income in nature of fees A. Non-refundable upfront fees Non-refundable upfront fee generally relates to a) An...
Revenue recognition in case of alternate arrangements
Revenue recognition in case of alternate arrangements Consignment arrangements: Meaning: When an entity delivers a product to another part...
5 points for revenue recognition
5 points for revenue recognition Step 1: Identify Contract with the Customer An entity shall account for a contract with a customer, only wh...
Allocation of a discount -Ind AS 115
Allocation of discount Discount recognition: Customer is said to have received volume discount for purchasing a bundle of items, if sum ...
Performance obligation Satisfied over time and at satisfied at a Point in time
Performance obligation Satisfied over time Vs satisfied at a Point in time A performance obligation is said to be satisfied over time, even...
Days Inventory Outstanding
1.What is Days Inventory Outstanding : Days inventory outstanding (DIO) is a metric that calculates average number of days taken by the com...
NFRA-Life Insurance industry discuss Ind AS 117 proposed changes
In the meeting held on 23rd February 2023, the executive body of National financial reporting authority (NFRA) held interactions with member...
NFRA to introduce ATR Annual transparency report for Audit firms of Listed Companies
NFRA (National financial regulatory authority) has published draft requirement regarding publication of ATR annual transparency report by a...
Accrual Concept
So, what do you mean by accrual concept of accounting? Basically, there are two basis of accounting. One is cash basis and another is accrua...
Prior Period Items
What are Prior Period Items? When income or expense arise in the current period as a result of errors or omissions in the preparation of fi...