https://www.taxtmi.com/acts?id=40992 When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs should be recognised by reference to the stage of completion of the contract activity at the reporting date using the percentage of completion method; if the outcome cannot be estimated reliably, revenue is recognised only to the extent of recoverable costs and no profit is recognised. An expected loss on a contract is recognised as an expense immediately. en-us Sat, 05 Nov 2022 11:17:29 +0530 Tue, 06 Jan 2026 15:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=40992 When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs should be recognised by reference to the stage of completion of the contract activity at the reporting date using the percentage of completion method; if the outcome cannot be estimated reliably, revenue is recognised only to the extent of recoverable costs and no profit is recognised. An expected loss on a contract is recognised as an expense immediately. Act-Rules Companies Law Sat, 05 Nov 2022 11:17:29 +0530 https://www.taxtmi.com/acts?id=40992