Hi everyoneCould you please guide me on the disclosure required as per the accounting standard-7?
Hi everyone
Could you please guide me on the disclosure required as per the accounting standard-7?
Jeeba Mar. 15, 2018
As per accounting standard 7, an enterprise should disclose:
- Amount recognized as revenue in the period;
- Methods to recognised contract revenue in the period; and
- The methods used to determine the stage of completion of contracts in progress.
In case of contract still in progress the following disclosures are required at the reporting date:
- the aggregate amount of costs incurred and recognised profits (less recognised losses) upto the reporting date;
- the amount of advances received; and
- the amount of retentions.
- An enterprise should also present: the gross amount due from customers for contract work as an asset; and the gross amount due to customers for contract work as a liability.
