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    sureshvaik's Avatar
    sureshvaik Posts: 1, Reputation: 1
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    #1

    Sep 30, 2009, 02:58 AM
    Accounting
    Please can anyone guide on accounting, treatment and presentation of the following as per IFRS:
    WIP, Accrued Income, Deferred Income.
    Thank you,
    Suresh
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #2

    Sep 30, 2009, 08:54 AM
    Quote Originally Posted by sureshvaik View Post
    Please can anyone guide on accounting, treatment and presentation of the following as per IFRS:
    WIP, Accrued Income, Deferred Income.
    Thank you,
    Suresh

    Work in Process will appear as part of inventory IAS 2. It comprises cost of materials, labour and appropriate charge of overheads

    Accrued Income is shown as income earned in the income statement and as a receivable in the current assets section of the balance sheet.

    Deferred Income is income received but not earned appears as a current liability
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