https://www.taxtmi.com/acts?id=14680 Revenue and costs of construction contracts are allocated to periods by reference to the stage of completion using the percentage of completion method when the outcome can be estimated reliably; otherwise revenue is recognised only to the extent of recoverable costs and costs are expensed as incurred. Contract revenue includes initial contract amounts plus variations, claims and incentives only if probable and reliably measurable. Contract costs comprise direct, allocable and contractually chargeable costs, with expected losses recognised immediately. Required disclosures cover recognised contract revenue, methods used, costs and profits to date, advances, retentions and gross amounts due from or to customers. en-us Sat, 04 Jun 2011 11:42:41 +0530 Mon, 18 Apr 2016 15:12:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=14680 Revenue and costs of construction contracts are allocated to periods by reference to the stage of completion using the percentage of completion method when the outcome can be estimated reliably; otherwise revenue is recognised only to the extent of recoverable costs and costs are expensed as incurred. Contract revenue includes initial contract amounts plus variations, claims and incentives only if probable and reliably measurable. Contract costs comprise direct, allocable and contractually chargeable costs, with expected losses recognised immediately. Required disclosures cover recognised contract revenue, methods used, costs and profits to date, advances, retentions and gross amounts due from or to customers. Act-Rules Companies Law Sat, 04 Jun 2011 11:42:41 +0530 https://www.taxtmi.com/acts?id=14680