https://www.taxtmi.com/article/detailed?id=1503 TAS departs from AS 7 by omitting AS 7's reliable estimate precondition for construction contract revenue recognition, not requiring immediate recognition of expected contract losses, permitting revenue recognition to the extent of costs incurred only until completion exceeds twenty five percent, and imposing fewer disclosure obligations for construction contracts. TAS also diverges from AS 12 on government grants by requiring recognition not to be postponed beyond receipt, prescribing reduction of asset carrying amount with depreciation of the net amount, mandating revenue recognition for revenue grants, and imposing more extensive grant disclosure requirements. en-us Wed, 09 Nov 2011 07:48:38 +0530 Wed, 09 Nov 2011 18:57:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1503 TAS departs from AS 7 by omitting AS 7's reliable estimate precondition for construction contract revenue recognition, not requiring immediate recognition of expected contract losses, permitting revenue recognition to the extent of costs incurred only until completion exceeds twenty five percent, and imposing fewer disclosure obligations for construction contracts. TAS also diverges from AS 12 on government grants by requiring recognition not to be postponed beyond receipt, prescribing reduction of asset carrying amount with depreciation of the net amount, mandating revenue recognition for revenue grants, and imposing more extensive grant disclosure requirements. Articles Income Tax Wed, 09 Nov 2011 07:48:38 +0530 https://www.taxtmi.com/article/detailed?id=1503