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AS - 7 Valuation - Contract costs

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(Querist)
12 January 2009 Should we have to include prov for bad debts and foreseeable losses as contracat costs for the purpose of arriving at the Percentage of completion.
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Zainul Tawawalla

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Zainul Tawawalla (Expert)
14 January 2009 According to AS 7, all the cost incurred on a particular contract shall be taken in to consideration for arriving at % age of completion. However, provision for doubtful debts should not be taken as the very purpose of AS 7 would be defeated. Only direct cost for a particular contract shall be taken. Forseeable losses should not be taken for % age of completion but they should be accounted for as per AS 7.
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