Accounting Standard 7
This query is : Resolved
Guest
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??
If not applicable then how i recognise the cost and revenue from the business??
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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