Complications and Facts of Accountancy

CA Nikita | Last updated: 23 August 2007

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The Indian real estate sector is experiencing increased Foreign Direct Investment, necessitating greater transparency and adherence to global accounting best practices. While the ICAI has issued guidance, it lacks the enforceability of specific standards found in IFRS and US GAAP. This article discusses the complexities of revenue recognition for real estate developers, outlining different methods and highlighting the need for more comprehensive, industry-specific guidance to ensure uniformity and comparability in financial reporting.

With the opening up of the real-estate industry, there has been an increase in Foreign Direct Investment (FDI) in the sector. According to a report by property consultants Jones Lang LaSalle, an estimated $10 billion foreign investment is expected to enter the Indian real-estate sector in the next 1

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