https://www.taxtmi.com/acts?id=20045 The Standard requires recognition of contract revenue and costs by reference to the stage of completion using the percentage of completion method; contract revenue is recognised when reasonable certainty of ultimate collection exists and includes initial contract amounts plus probable, reliably measurable variations, claims and incentives. Contract costs include directly related costs, allocable general contract activity costs, contractually chargeable costs and allocated borrowing costs, with future activity costs shown as contract work in progress. Estimates are updated cumulatively and disclosure must state revenue recognised, stage determination methods, costs incurred, recognised profits or losses, advances and retentions. en-us Fri, 11 Sep 2015 18:44:41 +0530 Mon, 09 Jan 2017 13:06:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20045 The Standard requires recognition of contract revenue and costs by reference to the stage of completion using the percentage of completion method; contract revenue is recognised when reasonable certainty of ultimate collection exists and includes initial contract amounts plus probable, reliably measurable variations, claims and incentives. Contract costs include directly related costs, allocable general contract activity costs, contractually chargeable costs and allocated borrowing costs, with future activity costs shown as contract work in progress. Estimates are updated cumulatively and disclosure must state revenue recognised, stage determination methods, costs incurred, recognised profits or losses, advances and retentions. Act-Rules Direct Taxes Fri, 11 Sep 2015 18:44:41 +0530 https://www.taxtmi.com/acts?id=20045