https://www.taxtmi.com/news?id=14288 Contract revenue and contract costs must be recognised using the percentage of completion method applied per contract unless components or interrelated contracts warrant aggregation. Contract cost comprises direct and allocated costs, customer-specific costs, allocated borrowing costs and costs to secure the contract, net of incidental income. Stage of completion is determined by physical progress, survey, or proportion of costs incurred; in early stages revenue recognition is limited to costs incurred. Revenue is recognised only when ultimate collection is reasonably certain. Changes in estimates apply to the change period and thereafter. Disclosures must state recognised revenue, stage-measurement method, costs incurred, advances and retentions for contracts in progress. en-us Fri, 03 Apr 2015 11:17:39 +0530 Thu, 09 Apr 2015 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=14288 Contract revenue and contract costs must be recognised using the percentage of completion method applied per contract unless components or interrelated contracts warrant aggregation. Contract cost comprises direct and allocated costs, customer-specific costs, allocated borrowing costs and costs to secure the contract, net of incidental income. Stage of completion is determined by physical progress, survey, or proportion of costs incurred; in early stages revenue recognition is limited to costs incurred. Revenue is recognised only when ultimate collection is reasonably certain. Changes in estimates apply to the change period and thereafter. Disclosures must state recognised revenue, stage-measurement method, costs incurred, advances and retentions for contracts in progress. News - Fri, 03 Apr 2015 11:17:39 +0530 https://www.taxtmi.com/news?id=14288