https://www.taxtmi.com/news?id=2348 The document proposes Tax Accounting Standards (TAS) for computing taxable income under the mercantile system, distinct from general accounting standards, with statutory provisions prevailing in case of conflict. TAS apply only for tax computation and not for book maintenance. The TAS for construction contracts prescribes definitions, revenue and cost components, the percentage of completion method for recognition, treatment of early-stage contracts and disclosure obligations. The TAS for government grants sets recognition criteria, measurement rules for grants related to depreciable and non-depreciable assets, treatment of refundable grants, and related disclosure requirements. en-us Thu, 20 Oct 2011 10:10:49 +0530 Thu, 20 Oct 2011 10:10:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=2348 The document proposes Tax Accounting Standards (TAS) for computing taxable income under the mercantile system, distinct from general accounting standards, with statutory provisions prevailing in case of conflict. TAS apply only for tax computation and not for book maintenance. The TAS for construction contracts prescribes definitions, revenue and cost components, the percentage of completion method for recognition, treatment of early-stage contracts and disclosure obligations. The TAS for government grants sets recognition criteria, measurement rules for grants related to depreciable and non-depreciable assets, treatment of refundable grants, and related disclosure requirements. News - Thu, 20 Oct 2011 10:10:49 +0530 https://www.taxtmi.com/news?id=2348