As-7
This query is : Resolved
23 December 2011
A Company buying land and entering into contract with buyer for construction of residential house. After construction complete it sell land with building to buyer for a consideration.
Query:
1. whether AS-7 will be applicable for the above situation?
2. If No, how to recognise a revenue for a year, can it use completed contract method?
Query:
1. whether AS-7 will be applicable for the above situation?
2. If No, how to recognise a revenue for a year, can it use completed contract method?
23 December 2011
The status of the company is of a 'builder', hence AS-7 applies.
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