Revenues in Excess of Billings - Long Term
|6 Months Ended|
Dec. 31, 2020
|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:
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 six months ended December 31, 2020, the Company accreted $27,766 and $41,826, respectively. During the three and six months ended December 31, 2019, the Company accreted $13,821 and $27,681, respectively, which were recorded in interest income for those periods. The Company used the discounted cash flow method with an interest rate of 4.65% and 4.35% for the period ended December 31, 2020 and June 30, 2020, respectively.
The entire disclosure for long-term contracts or programs.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef