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Revenue recognition.

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 June 2013 Construction project started 2 yrs back.Few Bookings were also done in two years.I was following Project Completion Method for last two years.
But now as per AS 7-Mandatory application of the Percentage of Completion Method(POC).
So now how shooud I account for it??How and when should I recognize revenue?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
16 June 2013 For long term construction contract for revenue recognition under AS-7 is mandatory, you can calculate from current year the same and book the revenue accordingly
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