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accounting for residential complexes

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 January 2011 whether expenses incurred for project of residential complex should be grouped in wip and whether treatment should be as per as 7?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
24 January 2011 If the residential complex is to sold by you after construction - AS 7 will not apply. Book it as a CWIP.

If you are contractor in this case - AS 7 woll apply.

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