Revenues in Excess of Billings - Long Term
|9 Months Ended|
Mar. 31, 2021
|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 nine months ended March 31, 2021, the Company accreted $2,331 and $44,157, respectively. During the three and nine months ended March 31, 2020, the Company accreted $13,940 and $41,621, respectively, which were recorded in interest income for those periods. The Company used the discounted cash flow method with interest rates ranging from 4.65% to 6.25% for the period ended March 31, 2021 and an interest rate of 4.35% for the period ended June 30, 2020.
The entire disclosure for long-term contracts or programs.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef