Revenues in Excess of Billings - Long Term
|3 Months Ended|
Sep. 30, 2019
|Revenues in Excess of Billings - Long Term||
NOTE 10 – REVENUES IN EXCESS OF BILLINGS – LONG TERM
Revenues in excess of billings, net consisted of the following:
Pursuant to revenue recognition for contract accounting, the Company had recorded revenues in excess of billings long-term for amounts billable after one year. During the three months ended September 30, 2019 and 2018, the Company accreted $13,860 and $nil which was recorded in interest income for that period. The Company used the discounted cash flow method with an interest rate of 4.35%.
The entire disclosure for long-term contracts or programs.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef