https://www.taxtmi.com/acts?id=20046 This standard prescribes rules for Revenue recognition from sale of goods, rendering of services and use of resources yielding interest, royalties or dividends. Revenue for goods is recognised when property or significant risks and rewards transfer and collection is reasonably certain; claims lacking such certainty are deferred. Service revenue is recognised by the percentage completion method with transitional construction-contract provisions applying to in-progress service contracts. Interest accrues on a time basis, royalties per agreement or a systematic basis, and dividends as per the Act. Required disclosures cover amounts not recognised for uncertainty, service revenue recognised, stage-of-completion methods, costs and profits recognised, advances and retentions. en-us Fri, 11 Sep 2015 18:45:09 +0530 Mon, 09 Jan 2017 13:06:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20046 This standard prescribes rules for Revenue recognition from sale of goods, rendering of services and use of resources yielding interest, royalties or dividends. Revenue for goods is recognised when property or significant risks and rewards transfer and collection is reasonably certain; claims lacking such certainty are deferred. Service revenue is recognised by the percentage completion method with transitional construction-contract provisions applying to in-progress service contracts. Interest accrues on a time basis, royalties per agreement or a systematic basis, and dividends as per the Act. Required disclosures cover amounts not recognised for uncertainty, service revenue recognised, stage-of-completion methods, costs and profits recognised, advances and retentions. Act-Rules Direct Taxes Fri, 11 Sep 2015 18:45:09 +0530 https://www.taxtmi.com/acts?id=20046