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Revenue recognition
Could you please look in to and clarify the doubt.
A real estate property (33% completed) has been acquired by our company for Rs. 1 crore. We have paid them Rs. 25 lakhs in cash consideration and balance in units (flats/rooms in project).
Do we need to recognize the contract income in the year of transfer of property for the units allocated to the seller of the project?
Replies (2)
YA AS PER AS 9 REVENUE SHOULD BE RECONGNISED IMMEDIATELY ON AGREEMENT DATE
@ Manoj.
Could you please substantiate it?
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