Accounting Standard 9 Revenue Recognition

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Accounting Standard (AS) 9 - Revenue Recognition

Accounting Standard (AS) 9 issued by the Institute of Chartered Accountants of India on 'Revenue Recognition'.

In the initial years, this accounting standard will be recommendatory in character. During this period, this standard is recommended for use by companies listed on a recognized stock exchange and other large commercial, industrial and business enterprises in the public and private sectors.

Introduction

1. This Statement deals with the bases for recognition of revenue in the statement of profit and loss of an enterprise. The Statement is concerned with the recognition of revenue arising in the course of the ordinary activities of the enterprise from

2. And adjustments arising on the translation of foreign currency financial statements;

3. Realized gains resulting from the discharge of an obligation at less than its carrying amount;

4. Unrealized gains resulting from the restatement of the carrying amount of an obligation.

Definitions

5. The following terms are used in this Statement with the meanings specified:

5.1 Revenue is the gross inflow of cash, receivables or other consideration arising in the course of the ordinary activities of an enter.

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