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+--- Thread: NEED FOR ACCOUNTING STANDARD FOR SOFTWARE (/thread-need-for-accounting-standard-for-software)
NEED FOR ACCOUNTING STANDARD FOR SOFTWARE - faisal the gr8 - 04-04-2003
should we use revenue recognition methods of ias 11
in accounting for software developement or if someone is
making a huge project of making movies which can take 2 or 3
years bcos under the definition of ias 11 it seems that
those contracts r only for bridges or tunnels .what should we do ?
- jbladeus - 04-05-2003
I am quoting the appendix of IAS 18, which is quite self-explanatory and might answer your question
<i>"19. Fees from the development of customized software are recognized as revenue by reference to the <b>stage of completion</b> of the development, including completion of services provided for post delivery service support."</i>
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Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!
- coool_dude1 - 04-11-2003
I great new book on IAS is available at Adnan Book Stall, Urdu Bazar, Karachi
IAS 2003 (INTERPRETATION AND APPLICATION OF IAS)
I feel that this should be in the book shelf of every one dealing with IAS