For construction business

what's the point to be considered during accounting of construction business (Partnership firm)??
Replies (2)
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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
28 August 2026
Audit Manager

K A R M & CO

Mumbai

CMA

View Details
Company
ARTICLESHIP 24 August 2026
Article Assistant

M/s.S.G.Salecha & Co.

Mumbai

CA Inter

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
ARTICLESHIP 04 September 2026
Accounts Executive

Hema Yashwanth & Associates

Chennai

B.Com

View Details
Company
Featured 19 August 2026
Chartered Accountant

apricus india

Pune

CA

View Details
Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details
Company
21 August 2026
Finance Manager

Resollect Technologies Pvt Ltd

Mumbai

CA

View Details