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Accounting Standard 7

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Guest

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Guest (Querist)
10 February 2010 We are a builider. We construct the residential houses and commercial complexes. AS 7 is appicable in this case??? if any then how?

If not applicable then how i recognise the cost and revenue from the business??
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
10 February 2010 Yes. AS -7 applicable for period of constuction contract is long i.e. works start one financial year and completed another financial year. so you case AS-7 will be applicable. you need to recognise revenue based on percentage of completion method
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