while using percentage completion md, can i claim entire expenses on land acquired as cost independent of the fact that the project completion is only 60 %??
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Accounting Standard 7 - Construction Contracts
Replies (3)
yes u can
is it not in violation of AS7 to claim entire expenses pertaining to land bought for construction as the percentage of completion is only 60%.is there any express provisions in AS7 regd the same.?
as for as standard is concerned, the percentage of completion is applicable in respect of every aspect. Hence, the applicability of full cost in respect of land is not allowable.
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