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Calculation of wip as per as7

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 April 2013 Respective Concern,

I have a query regarding WIP which is derived as per AS7.
I know we compute percentage of completion as per cost incurred divided by total cost to be incurred on contract.But here is two cost we have incurred i.e. certified value of cost incurred & uncertified part of cost.
I want to know which part of cost will be used to derive % of completion.
Pleased provide me suitable answer as soon as possible.
Regards,
Ravi garg
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
17 April 2013 For arriving percentage of completion, you need to take the total cost only that is certified and uncertified cost both and arrive
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 April 2013 Thanks a lot sir
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