Revenue recognition
This query is : Resolved
22 September 2011
Are not construction comapany require to follow percentage completion method mendatorily, while recognising their revenue ? or Is there a option to follow either project completion method or percentage completion method?
22 September 2011
There is no option as such. Pl follow % completion method.
22 September 2011
Thank you sir! But is it not mandatory to follow % completion method?
CA. Nitin Agrawal
(Expert)
22 September 2011
Refer what Mr. Warrior suggest that there is no other option, then what it means it is compulsory.
Did u want from him to say "yes other option is also available"
Don't argue with the experts when you are taking opinion from them.
Did u want from him to say "yes other option is also available"
Don't argue with the experts when you are taking opinion from them.
CA Pushpendra Gaur
(Expert)
29 September 2011
look jayesh only when the construction company is constructing on behalf of other party i.e. constructing for other client then only AS 7 is applicable
CA Pushpendra Gaur
(Expert)
29 September 2011
look jayesh only when the construction company is constructing on behalf of other party i.e. constructing for other client then only AS 7 is applicable
CA Pushpendra Gaur
(Expert)
29 September 2011
if the construction company is undertaking the work for his own buildings or constructing flats and then selling them, then no AS - 7 is applicable, AS- 2 will be applicable in that case
CA Pushpendra Gaur
(Expert)
29 September 2011
i hope you clear with the above explanantion if having any doubt plz refer
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