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Forums › ACCA Forums › ACCA FR Financial Reporting Forums › progress payment and progress billing
respected sir.
im a little confused about progress billing and payment.
according to the format we will add recognised profit in cost incurred upto date and less recognised losses less progress billing.(amount due/from customers).what will be the procedure if progress payment is given instead of progress billing. i can differentiate between progress payment and progress billing but i am unable to solve a question if progress payment is given instead of progress billing.
I think, in that situation, you’d be safe to assume that the payment is received as a result of a bill having been sent