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Hi everyoneCould you please guide me on the dis...

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?

0
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.

Hi everyone

Could you please guide me on the disclosure required as per the accounting standard-7?

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