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of <h1>AS 7: Guidelines for Accounting Revenue and Costs in Construction Contracts Using Percentage of Completion Method</h1> The Accounting Standard (AS) 7 outlines the accounting treatment for revenue and costs related to construction contracts, which often span multiple accounting periods. It applies to contractors' financial statements and distinguishes between fixed price and cost plus contracts. The standard addresses contract revenue, including variations, claims, and incentive payments, and contract costs, which encompass direct and attributable costs. Revenue and expenses are recognized based on the contract's stage of completion using the percentage of completion method. Expected losses are recognized immediately, and changes in estimates are accounted for as changes in accounting estimates. Disclosure requirements include recognized revenue, methods for determining revenue, and contract completion stages.
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