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Question - InfoTech Ltd is a crowd-sourced content service for financial markets. It provides articles and research which covers a broad range of stocks, asset classes and investment strategies. The resources can be accessed through monthly subscriptions. On January 2020, the company received $433,000 subscription fees, the break-down of the fees is as follows:
Subscription periods for:
Amount January 2020 120,000
February 2020 100,000
March 2020 90,000
April 2020 40,000
May 2020 45,000
June 2020 38,000
InfoTech's financial year ends on 31 March. For the above subscription fee, Mr Maher Zain, an engineer in the company, suggested that $433,000 should be reported as revenue in the income statement for the year ended 31 March 2020 because the cash has been received before the end of the financial year. Do you agree with his suggestion? What is your response to his suggestion.
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