For construction business

what's the point to be considered during accounting of construction business (Partnership firm)??
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Quick Summary
For construction businesses operating as partnerships, understanding key accounting principles is vital. While there isn't a separate standard specifically for construction contracts, IndAS 115 provides the framework for revenue recognition. For partnership firms, revenue should be recognised according to AS, with standard partnership accounting practices applied thereafter.

As of now, there is no separate standard for construction contracts because IndAS 115 prescribes the accounting treatment for construction sector as well. Since your company is partnership, just recognise revenue as per AS and the rest is partnership accounting, 

Earlier it was construction contract AS 7

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