AS 7
This query is : Resolved
14 May 2010
When revenue to recognise in case of construction contract
14 May 2010
In a construction contract revenue need to recognasie based on the percentage of completion of works
17 May 2010
is there posibility to recongnise revenue only on completion of contract.
17 May 2010
No way. Accounting stanadard 7 issued by ICAI only for the purpose of Recognasing Contract revenue correctly as per the Expenses Vs Revenue Matching concept.you cannot recognasie like that it should be percentage of completion method need to follow
17 May 2010
wht will the repercussions if revenue is not reconised in the year of completion it self pls. clrearify from income tax point of view.
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