Anticipated Loss Provision Disallowed in Construction Contract; FAA Criticized for Misapplying Accounting Standard 7. Expenses Claim Approved.

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....Disallowance of provision of anticipated loss - construction & erection contracts - anticipated loss was a highly budgeted cost in excess of the budgeted revenue on the project - FAA has not analysed the AS-7 properly and has applied it in a biased way -not in a fair manner - claim of expenses allowed - AT....