09 December 2009
Hi frendz, Can nyone tell me th method of valuing Closing WIP in contract works... nd do cite th relevant AS too... Please clarify at th earliest..
09 December 2009
Relevant accounting standard is AS-7. If the project has commenced, revenue is to be recognized on % of completion method more particularly described in the referred standard. If such a situation exists in your case, the question of WIP does not arise.
CAclubindia
