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        Case ID :
        Income Tax

        What is the manner of recognition of revenue and expenses from construction contracts under ICDS III.

        22 August, 2017

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        Manual - ICDS III : Construction Contracts

        Revenue and costs from construction contracts are to be recognized by reference to the stage of completion of contract activity on the reporting date. This is referred to as “percentage of completion” method. Under this method, revenue, expenses and profit are reported based on the proportion of work completed.

         

        Percentage of completion method recognizes construction contract revenue, expenses and profit by proportion of work completed. Recognition of revenue and expenses for construction contracts under ICDS III is governed by the percentage of completion method, whereby revenue, costs and profit are recognized by reference to the stage of completion of contract activity on the reporting date and reported in proportion to work completed.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Percentage of completion method recognizes construction contract revenue, expenses and profit by proportion of work completed.

                              Recognition of revenue and expenses for construction contracts under ICDS III is governed by the percentage of completion method, whereby revenue, costs and profit are recognized by reference to the stage of completion of contract activity on the reporting date and reported in proportion to work completed.


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