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of <h1>Understanding Revenue Recognition: Key Principles of Accounting Standard (AS) 9 for Sales, Services, and Resource Use</h1> This Accounting Standard (AS) 9 outlines the principles for recognizing revenue in a company's profit and loss statement, focusing on ordinary activities such as sales of goods, service rendering, and use of enterprise resources yielding interest, royalties, and dividends. It excludes revenue from construction contracts, leases, government grants, and insurance contracts. Revenue is recognized when significant risks and rewards of ownership are transferred, services are performed, or rights to receive payments are established, provided there is no significant uncertainty regarding measurability or collectability. The standard also addresses the impact of uncertainties on revenue recognition and requires disclosure of postponed revenue due to such uncertainties.
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