what is the scope of "assets " in AS 7. will it include movable and immovable assets (both)? is this standard applicable for construction of things like computer, furnitures etc??
anticipating quick reply by our experts
arvind
2 Replies
Nitin Garg
(CA FINAL Article Trainee B.com)
(171 Points)
Replied 05 September 2011
It includes both movable and immovable assets becasue,
According to AS-7:-
A construction contract is a contract specifically negotiated for the
construction of an asset or a combination of assets that are closely
interrelated or interdependent in terms of their design, technology and
function or their ultimate purpose or use.
Arvind Ray
(Practising Advocate CS LLB)
(339 Points)
Replied 06 September 2011
but my specific query is whether for short terms contract( e.g a contracts for a period of less than 1 year) As 7 is applicable? whether AS 7 would cover a contract for construction of articles like furnitures, computer software, etc.
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