Question

___ is not covered by as9

Answer 1

AS 9 does not deal with the following aspects of revenue recognition to which special considerations apply: Revenue arising from construction contracts; Revenue arising from hire-purchase, lease agreements; ... Revenue of insurance companies arising from insurance contracts

Answer 2

The AS-9 is associated with revenue, which is defined as the amount charged to customers for the purchase of goods and services.

Explanation:

The AS 9 Revenue Recognition specifies that "Revenue is the gross flow of cash, receivables, or other consideration received during the ordinary course of an enterprise's operations from the sale of goods, the rendering of services, as well as from various other sources such as interest, royalties, and dividends".

This Standard does not address the following aspects of revenue recognition that require special consideration:

• Revenues coming from construction contracts ;
• Revenue generated from hire-purchase, lease agreements;
• Revenue from government grants and other similar subsidies,
• Insurance company revenue generated from insurance contracts.