As 7

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Arvind Ray (Querist)
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05 September 2011 what is the scope of "assets " in AS 7. will it include movable and immovable assets (both)? is this standard applicable for construction of things like computer, furnitures etc??

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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05 September 2011 Accounting Standard 7 deals with the revenue recognition of Long term contracts under percentage of completion method.

In this what is your query about assets

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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05 September 2011 AS-7 applicable to Construction Contracts on bridge, building, dam, pipeline, road, ship or tunnel.

"assets " - used for Construction.

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