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URGENT: Loss to be recognized as per AS 7

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(Querist)
29 May 2016 If the contract cost exceed revenue, how the loss should be recognized? whether it is to be recognized in full or on the basis of percentage of completion?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
29 May 2016 Expected loss need to recognise fully in the financial Immediately irrespective of the stage of contract or percentage of completion

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