https://www.taxtmi.com/acts?id=23452 Income Computation and Disclosure Standard III governs recognition of contract revenue and contract costs for construction contracts, defining key contract types and terms. Contract revenue is recognised when reasonable certainty of collection exists and includes agreed amounts plus probable, reliably measurable variations and claims. Contract costs include directly attributable costs, allocable general contract costs, contractually chargeable costs and allocated borrowing costs, reduced by incidental income. Revenue and costs are recognised by reference to stage of completion using the percentage of completion method; early-stage recognition is limited to costs incurred and estimates are revised prospectively. Required disclosures cover revenue, methods for determining stage of completion, costs incurred, recognised profits, advances and retentions. en-us Mon, 09 Jan 2017 13:16:59 +0530 Mon, 09 Jan 2017 14:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=23452 Income Computation and Disclosure Standard III governs recognition of contract revenue and contract costs for construction contracts, defining key contract types and terms. Contract revenue is recognised when reasonable certainty of collection exists and includes agreed amounts plus probable, reliably measurable variations and claims. Contract costs include directly attributable costs, allocable general contract costs, contractually chargeable costs and allocated borrowing costs, reduced by incidental income. Revenue and costs are recognised by reference to stage of completion using the percentage of completion method; early-stage recognition is limited to costs incurred and estimates are revised prospectively. Required disclosures cover revenue, methods for determining stage of completion, costs incurred, recognised profits, advances and retentions. Act-Rules Direct Taxes Mon, 09 Jan 2017 13:16:59 +0530 https://www.taxtmi.com/acts?id=23452