Accounting Standard - 7
This query is : Resolved
24 September 2011
AS 7 is not applicable to developers. The reason being that AS 7 defines construcion contract as a contract which is specifically negotiated for the construction of an asset.
The developers do not enter into a construction contract with their buyers. They undertake construction on their own account and later sell the property to the buyers.
They, therefore enter into an agreement for sale.
Therefore, AS 7 is not applicable.
The developers do not enter into a construction contract with their buyers. They undertake construction on their own account and later sell the property to the buyers.
They, therefore enter into an agreement for sale.
Therefore, AS 7 is not applicable.
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