https://www.taxtmi.com/manuals?id=1295 Contract revenue is recognised only when there is reasonable certainty of collection and includes the initial contract amount plus probable and reliably measurable variations, claims, incentives and retentions. Contract costs comprise directly related costs, attributable overheads, reimbursable costs and allocated borrowing costs; costs for future activity are recognised as contract work in progress. Revenue and costs are recognised by reference to the stage of completion using the percentage of completion method, determined by cost proportion, surveys or physical completion; advances and progress payments are not acceptable indicators. en-us Thu, 19 Nov 2015 18:24:00 +0530 Tue, 27 Jun 2023 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1295 Contract revenue is recognised only when there is reasonable certainty of collection and includes the initial contract amount plus probable and reliably measurable variations, claims, incentives and retentions. Contract costs comprise directly related costs, attributable overheads, reimbursable costs and allocated borrowing costs; costs for future activity are recognised as contract work in progress. Revenue and costs are recognised by reference to the stage of completion using the percentage of completion method, determined by cost proportion, surveys or physical completion; advances and progress payments are not acceptable indicators. Manuals Income Tax Thu, 19 Nov 2015 18:24:00 +0530 https://www.taxtmi.com/manuals?id=1295