Revenue recognition

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Jayesh (Querist)
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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?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2011 There is no option as such. Pl follow % completion method.

Jayesh

Jayesh (Querist)
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22 September 2011 Thank you sir! But is it not mandatory to follow % completion method?

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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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.

Jayesh

Jayesh (Querist)
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23 September 2011 ok Nitin sir.

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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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

CA Pushpendra Gaur (Expert)
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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

CA Pushpendra Gaur (Expert)
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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

CA Pushpendra Gaur (Expert)
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29 September 2011 i hope you clear with the above explanantion if having any doubt plz refer

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