Friday, September 26, 2008

‘Revenue Recognition’

‘Accounting guidance needed on revenue recognition in layaway sales’

Not only is the retail sector in India seeing a number of new entrants, but also new and interesting formats like home shopping via television channel and online portals (e-commerce).
Layaway sale — a popular concept in countries such as the US, the UK and Canada, with big retailers and small-time stores, alike, promoting such sales and attracting customers through this model — is gaining momentum in India and one is li kely to hear a lot more of this in the future, says Mr Rajiv Goyal, Director, Ernst & Young India Pvt. Ltd.

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