REVENUE RECOGNITION IN CASE OF PLOTTED DEVELOPMENT
This query is : Resolved
26 February 2020
Hello
My client is a company engaged in the business of plotted development. Means It will purchase a piece of land, develop roads, parks and other amenities and will sell the plots. Can you please help me as to which accounting standard is to be applied for revenue recognition. AS-9 or AS-7 i.e POCM as it is not a construction contract but guidance note on real estate transactions provides for use of POCM where economic substance of transaction relates to construction contract. Please revert asap.
My client is a company engaged in the business of plotted development. Means It will purchase a piece of land, develop roads, parks and other amenities and will sell the plots. Can you please help me as to which accounting standard is to be applied for revenue recognition. AS-9 or AS-7 i.e POCM as it is not a construction contract but guidance note on real estate transactions provides for use of POCM where economic substance of transaction relates to construction contract. Please revert asap.
22 May 2020
https://www.grantthornton.in/globalassets/1.-member-firms/india/assets/pdfs/ind-as-for-real-estate-companies.pdf
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