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revenue recognition

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Querist : Anonymous

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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.
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Heera Nahariya

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Heera Nahariya (Expert)
25 December 2009 go through AS - 7
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
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.
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