Accrued Income

Accrued Income

The income a company earns over a period of time but has not collected by the end of a reporting period. For example, if a company earns $1 million but has not collected $250,000 before it must make its quarterly statement, it lists that amount as its accrued income.
References in periodicals archive ?
As announced on 14 September 2015, the Company is reviewing the recoverability of its trade debtors and accrued income and believed at that stage that it was likely that a material provision would be made against these.
provided succinct conceptual reasoning for the exception: "When a tax is lawfully imposed on income not actually received, it is upon the basis of a reasonable expectancy of its receipt, but a taxpayer should not be required to pay a tax when it is reasonably certain that such alleged accrued income will not be received [.
Estate tax resulting from inclusion in an estate of IRAs, accrued income on securities and similar types of assets taxable later to the recipient for income tax purposes, may result in a significant deduction to the recipient.
The company reported pretax income of $519,681, upon which it accrued income taxes of $200,597, which the company did not have to actually pay because of a net operating loss carry-forward.
The proposals provided that there would be a deemed disposition of property of the business, resulting in the inclusion in FAPI of all accrued income and gains in the last year that the business is a FAPI business.
The code's silence has encouraged the IRS to apply the court-developed assignment of income doctrine to tax the person transferring the accrued income.
In general, these plans seek to reform the tax system by moving to cash flow as the tax base, rather than accrued income.
GEONG International Limited (AIM: GNG), the AIM listed, Beijing based, provider of content management software and solutions, announces that as part of the ongoing audit process it is reviewing the recoverability of its trade debtors and accrued income which as at the interim date stood at [pounds sterling]21.
an amended return): If, however, the taxpayer treats the erroneous invoice amounts as a reasonable estimate of accrued income for two or more years, and makes the correction in the redetermination year, it has to treat this as an accounting-method change if it wants to accrue the correct amount in the year of sale.
There will now be a deemed disposition of property of the business, resulting in the inclusion in FAPI of all accrued income and gains.
These amounts exclude accrued income and expenditure, and the receivable balance as at 31 August 2015 of $2,174k in respect of IVA (Mexican sales tax) of which $338k is expected to be received in Q4 2015.
If, however, W has regularly and consistently treated invoice amounts as a reasonable estimate of accrued income for a period of two of more tax years and if later determines that the exact amount was different and has taken the difference into account for the tax year in which if made such determination, W should seek consent for an accounting-method change if it wants to begin taking such differences into account in the year of sale.