Reg. valuation of closing WIP in contracts

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CA. Savitha vijayan (Querist)
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09 December 2009 Hi frendz,
Can nyone tell me th method of valuing Closing WIP in contract works...
nd do cite th relevant AS too...
Please clarify at th earliest..

THANKS IN ADVANCE!!!!

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 December 2009 Relevant accounting standard is AS-7. If the project has commenced, revenue is to be recognized on % of completion method more particularly described in the referred standard. If such a situation exists in your case, the question of WIP does not arise.

Ram Avtar Singh

Ram Avtar Singh (Expert)
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09 December 2009 read by this link mey be helpfull
https://www.citehr.com/22633-valuation-closing-stock-requires-consideration.html

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