revenue recognition
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 December 2009
when is revenue recognised in a construction company? is it after completion of construction or as and when the expenditure is made? pls help me out.its urgent.
Heera Nahariya
(Expert)
25 December 2009
go through AS - 7
25 December 2009
Percentage of certified work completed is the method of recognition of income.
If work completed and certified is less than 25% then no revenues are accounted for and all the work is shown as Work In Progress.
If work completed and certified is less than 25% then no revenues are accounted for and all the work is shown as Work In Progress.
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