Revenue recognisation in the case of turn key project

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CA HARDIK THAKKAR (Querist)
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03 October 2012 Hello Sir,
My client has a business of turn key project for which it is recognising the revenue as per the payment term in the contract. i.e if in the contract there is a term of Advance payment then it is reconising such advance receipt as a income. is it feasible??? how to recognise revenue at the end of the year if project is not completed?
I request you to give answer on the basis of IFRS.

Thanking You,
CA Hardik Thakkar

PARDEEP KUMAR AGGARWAL

PARDEEP KUMAR AGGARWAL (Expert)
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04 October 2012 In case of any turnkey projects in India, for recognizing income one should follow AS-7 which states that one should recognize revenue according to work certified not as per payment terms in the contract.