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of <h1>Retention Money in Construction Contracts Recognized as Revenue When Billed per ICDS III, Para 9 Guidelines.</h1> The recognition of retention money in construction contracts, which is contingent upon meeting specific performance criteria, should be recognized as revenue when billed, provided there is reasonable certainty of its ultimate collection. This is in accordance with the Income Computation and Disclosure Standards (ICDS) III related to construction contracts, as outlined in the manual dated August 22, 2017. The condition for recognizing retention money as revenue is specified in paragraph 9 of ICDS III.
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