AS7,AS9
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2010
Can we recognise revenue on a long term contract as per AS7 & AS9 in the same Year. And If we can recognise please quote a case law to substantiate this query.
daya shankar singh
(Expert)
17 June 2010
If the contract is related to construction contract then only revenue can be be recognised as per AS7 and AS9 shall not be applicable in case of contract
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