REVENUES IN EXCESS OF BILLINGS – LONG TERM
|9 Months Ended|
Mar. 31, 2022
|REVENUES IN EXCESS OF BILLINGS – LONG TERM||
NOTE 9 – REVENUES IN EXCESS OF BILLINGS – LONG TERM
Revenues in excess of billings, net consisted of the following:
SCHEDULE OF REVENUE IN EXCESS OF BILLING
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, 2022, the Company accreted $9,546 and $28,587, respectively. During the three and nine months ended March 31, 2021, the Company accreted $2,331 and $44,157, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 4.65% to 6.25%.
NETSOL TECHNOLOGIES, INC.
Notes to Condensed Consolidated Financial Statements
March 31, 2022
The entire disclosure for long-term contracts or programs.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef