Revenue recognition while handing ovet the possesion of flat

AS 340 views 1 replies

Can a real estate developer recognise his revenue from flat receipts at the time of handing over the possession of flats and not on percentage completion basis?

Replies (1)

You will have to refer GN on Accounting for Real Estate Transactions:

  • If Economic substance of tansaction=Construction Contract= AS 7 applicable
  • Transaction similar to delivery of goods =AS 9

Hope this link will help you

https://220.227.161.86/25896asb15443.pdf


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