Guidelines for calculation for construction WIP

Ameya Shah (Service) (43 Points)

21 May 2008  

I am doing an audit of Construction company.. There is only 1 project (township) going on currently. Is there any guideline for valuation of Construction WIP as on 31.03. Booking collections received have to be treated as advances under current liabilities. Also AS 7 is not applicable. Also please guide me about treatment of borrowing costs under AS 16.

Thanks in Advance