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    Act RulesBills
    Modernizing Revenue Recognition in Construction and Service Contracts: Clause 57 of Income Tax Bill,...
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    Revenue recognition requires percentage-of-completion for construction and service contracts, with completion or straight-line service options.
    Clause 57 mandates the percentage of completion method for construction and service contracts, with a project completion alternative for short-term services and a straight-line option for recurring service arrangements. Contract revenue includes retention money, and contract costs must not be reduced by incidental income such as interest, dividends, or capital gains. The provision references notified accounting standards and aims to align revenue recognition with international practices while imposing compliance and disclosure obligations.

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