Remaining obligation
The Ind AS 115 disclosure of revenue still to come from what is already booked: each live booking and member offer's price less what the posted revenue runs have recognised, per project, banded by the financial year of the project's expected possession.
Remaining obligation
This report answers "how much revenue is still to come from what we have already sold?". For each project it totals the price of every live booking and member offer, takes off what the posted revenue runs have recognised, and spreads the remainder over the financial years in which the projects expect to hand over possession. It is the Ind AS 115 remaining-performance-obligation disclosure.
Where to find it
In the sidebar, open Accounting > Revenue Recognition and choose the Remaining obligation tab. The tab keeps the books you chose on the other tabs.
You need the View permission on Revenue Recognition; in the default roles every role has it except the Sales Executive, Site Engineer, Front Desk and Legal & Documentation. Without it the page reads "No access" and "You do not have permission to view revenue recognition. Ask your administrator." Choosing the books needs the View permission on Books.
Before you start
- Bookings and member offers on projects whose promoter company owns these books.
- An Expected possession date on each project (Edit project, section Land & RERA), so the remaining amount can be placed in a financial year. Without it the project's amount lands under Date not fixed.
- Posted revenue runs for the recognised figures; before the first posted run everything booked is still remaining.
What you see
The Remaining performance obligation card reads "The Ind AS 115 disclosure of revenue still to come from what is already booked: each live booking and member offer's price less what the posted revenue runs have recognised, banded by the financial year of the project's expected possession."
There are no dates to choose: the figures are always as of now.
When nothing is left to recognise the page reads "Nothing outstanding: every booked price in these books is recognised, or nothing is booked yet." Otherwise one table:
| Column | What it shows |
|---|---|
| Project | The project, one row each, A to Z. |
| Expected possession | The project's expected possession date, or Not fixed in amber. |
| Subjects | How many live bookings and member offers still have something to recognise. |
| Booked | Their total price. |
| Recognised | What the posted runs have recognised on them. |
| Remaining | Booked less recognised. |
| FY <yyyy-yy> … | One column per financial year (April to March) in which a project expects possession, with the remaining amount of the projects that fall in it. |
| Date not fixed | The last column, for projects with no expected possession date. |
A Total row appears when there is more than one project. Zero amounts show as "—".
What you can do
There are no actions on this report. Change a project's expected possession date on Edit project; prepare and post runs under Revenue runs.
Things to know
- Only live subjects count: Active bookings, and member offers that are Issued, Accepted or Signed. Cancelled bookings and withdrawn or expired offers drop out, so the report never shows an obligation the developer no longer has.
- Fully recognised subjects drop out too. A subject whose remaining amount is zero or less is not counted in Subjects or the totals.
- Draft runs are ignored. Only posted runs move an amount from Remaining to Recognised; a draft under review changes nothing here until it is posted.
- The price is the run's price once a run has lined the subject. After the first posted run a subject's Booked figure is the transaction price that run used, which includes the significant financing component when the policy adds it. Before any run it is the booking's With the unit price.
- Member offers appear only after a posted run has lined them. Until then an offer counts at zero and is left out, so tenant charges and the rehab consideration show up here from the first posted run onwards.
- The band is the project's, not the booking's. Every subject of a project falls in the financial year of the project's expected possession date, whatever its own possession dates.
- There is no export on this report.
Related
Related
- Revenue runsScreen
The revenue runs (period closes) of the chosen books, the dialog that prepares a new draft run, and the scheduled rules that draft runs automatically.
- Revenue runScreen
One period close: what each booking and member offer recognises, the journals and cost moves it posts, the subjects it left out, and the actions to recompute, post, reverse or delete it.
- Revenue policyScreen
The CA's effective-dated choices on how the books recognise sale revenue and the costs that go with it: framework, method, possession trigger, OC rule, cost treatments and judgement areas.
- Contract balancesScreen
The Ind AS 115 contract-balances disclosure per project over a period: contract liability, contract asset and contract acquisition costs rolled forward from the ledger, with the revenue recognised in the period and how much of it came out of the opening liability.
- Project performanceScreen
Revenue, cost of sales and margin per project for a period and to date, the booked price and how much of it is recognised, the cost budget against cost incurred and cost to complete, progress by stages and by cost, revenue by month, and the flags the CA needs to act on.
- Edit projectScreen
Change a project's facts on one page: basics, site address, land survey details and expected possession, and, on a redevelopment, the development agreement date and the fair value of the development rights. The settings the project inherits from the organization live on its Settings tab.
- Revenue recognition: policy, point in time vs over time, and revenue runsConcept
Each set of books carries an effective-dated revenue policy (framework, method, possession trigger, cost and brokerage treatments, judgement areas) chosen by the CA; a revenue run is the period close that computes every booking's and member offer's progress under it, recognises the catch-up revenue, cost of sales and brokerage, and posts the journals.
- Expected possession date and charges at possessionConcept
The project's expected possession date is when the charge groups a pricing plan collects "at time of possession" fall due: one undivided row per charge, owed from booking, outside the buyer's payment plan, re-dated on every open booking when the date changes.
- Contract liability, contract asset and the transaction priceConcept
A booking's transaction price is the sum of its charges treated "With the unit"; while revenue is deferred, demands for those charges are credited to a contract liability (billed ahead of revenue), a revenue run debits it as revenue is recognised, and revenue recognised ahead of billing sits in the contract asset.