I have a client who is a private ltdcompany engaged in civil construction. their projects take about 3-5 months to complete.
1) is AS-7 still applicable?
2) as of march 2009 they have 5 projects which are partly complted for which invoices are raised in the month of april 2009. can i just calculate W.I.P for those priojects and bring in the income when the invoices are raised or i need to calculate income as per AS-7..
3) it is a company and accrual systemof accounting isfollwed. in the field that they are the customers dont acknowledge part work done and nothing is due to them unless the work is fully complted . so is AS-7 contradicting AS-9 here?
4) are there any other mandatory accounting standards that i need to follow regarding the above said company
thanks in advance and waiting for ur valuable advice