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 ?
ISLAMABAD -- The government accrued income of Rs57,714 million rupees from the Asset Declaration Scheme that was launched to give people an opportunity to declare their undeclared assets by paying a certain amount of tax on it.
Accrued expenses increased by [yen]3.8 billion, but accrued income taxes decreased by [yen]5.1 billion and deferred tax liabilities decreased by [yen]5.0 billion.
Thus, taxpayers that previously accrued income for tax purposes at a later point in time than books (for example, involving contingent consideration) will no longer be permitted to do so.
Loss for the period of 0.73 million (H1 2016: loss of 2.00 million after accounting for impairments of 0.5 million at Waddock Cross and the revaluation of 0.3 million of the Ceres accrued income)The Company has no debt (H1 2016: Nil)
Information Return for Beneficiaries of Certain Canadian Registered Retirement Plans, to: (1) elect under Article XVIII(7) to defer taxation of accrued income in an RRSP or an RRIF, and (2) report distributions received from their RRSPs or RRIFs, contributions to their RRSPs or RRIFs, and undistributed earnings of the RRSPs or RRIFs.
Last week, Hanafin announced that, following an announcement by Geong on 14 September 2015 regarding the directors' belief that an unquantified but significant provision against the carrying value of the accrued income and trade debtors will be required, those discussions have not been concluded such that Hanafin is able to make an offer for Geong at this time or to elect for the GBP 1m convertible unsecured loan stock which it is holding, to be converted.
The scheme introduced by the proposal for revision of the directive is optional: it gives member states the possibility to exempt very small enterprises that meet two of these three criteria from the obligation to keep prepayments and accrued income, or accruals and deferred income accounts for certain headings, thus reducing accounting information to key elements that allow a minimum level of transparency.
U.S., 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 [...]."
Central totaled $1.1 billion and accrued income and other assets totaled $100 million.
INCOME-PIN, PACKS/T-SHIRTS $500.00 SPONSORSHIPS / NON-DUES INCOME l ADS $3,000.00 TRANSFERS FROM RESERVE ACCT $6,038.00 $102,038.00 TOTAL accrued income EXPENSES ADVERTISING -BANNERS $1,800.00 GIVEAWAYS $1,500.00 PROMOTION of AWARDS $2,200.00 CREDIT CARD MERCHANT FEES $225.00 DONATIONS FOUNDATION (LAST INSTALLMENT OF $1000) $1,000.00 DIVERSITY MAG AD $250 $250.00 SPLIT RAFFLE $1000.00 $1,000.00 FOUNDATION GOLF TOURNAMENT $500.00 LICENSES, PERMITS/ FEES $300.00 MANAGEMENT FEE $26,352.00 MEETING EXPENSES Speaker Honorariums $8,000.00 Awards $500 $500.00 Ed.
It is assumed that the NPS will be taxed according to the EET (exempt, exempt, tax) pattern the contributions will be tax-exempt within the Rs 1 lakh limit of Section 80C and the accrued income will be exempt when it is earned.
Accrued income tax for the month was down 13 per cent, while VAT takings were reduced 18 per cent from last year.