Revenues in Excess of Billings - Long Term
|9 Months Ended|
Mar. 31, 2020
|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 and nine months ended March 31, 2020, the Company accreted $13,940 and $41,621 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