REAL ESTATE TRANSACTION ACCOUNTING
This query is : Resolved
28 March 2020
DEAR EXPERTS
HOPE ALL OF YOU ARE FYN!!!
MY QUERY IS ABOUT ACCOUNTING OF REAL ESTATE TRANSACTIONS. AS PER ICAI GUIDANCE NOTE ON ACCOUNTING FOR REAL ESTATE TRANSACTION, % OF COMPLETION METHOD IS REQUIRED TO BE APPLIED. IN MY CASE, IF 100% COST OF CONSTRUCTION IS INCURRED BY THE BUILDER THAN WHETHER PERCENTAGE OF COMPLETION METHOD CAN BE APPLIED ON THE SAME OR REVENUE WILL BE SALES AGREEMENT EXECUTED IN RESPECT OF THE PROJECT?
PLS CLARIFY THAT IF 100% COST OF CONSTRUCTION IS INCURRED HOW TO RECOGNIZE REVENUE?
THANKS IN ADVANCE
HOPE ALL OF YOU ARE FYN!!!
MY QUERY IS ABOUT ACCOUNTING OF REAL ESTATE TRANSACTIONS. AS PER ICAI GUIDANCE NOTE ON ACCOUNTING FOR REAL ESTATE TRANSACTION, % OF COMPLETION METHOD IS REQUIRED TO BE APPLIED. IN MY CASE, IF 100% COST OF CONSTRUCTION IS INCURRED BY THE BUILDER THAN WHETHER PERCENTAGE OF COMPLETION METHOD CAN BE APPLIED ON THE SAME OR REVENUE WILL BE SALES AGREEMENT EXECUTED IN RESPECT OF THE PROJECT?
PLS CLARIFY THAT IF 100% COST OF CONSTRUCTION IS INCURRED HOW TO RECOGNIZE REVENUE?
THANKS IN ADVANCE
22 May 2020
https://www.mca.gov.in/Ministry/notification/pdf/AS_7.pdf
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