Can a real estate developer recognise his revenue from flat receipts at the time of handing over the possession of flats and not on percentage completion basis?
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Revenue recognition while handing ovet the possesion of flat
Replies (1)
You will have to refer GN on Accounting for Real Estate Transactions:
- If Economic substance of tansaction=Construction Contract= AS 7 applicable
- Transaction similar to delivery of goods =AS 9
Hope this link will help you
https://220.227.161.86/25896asb15443.pdf
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