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AS7

Accountancy

"Outcome of the contract cannot be estimated" What does it mean? Does it mean that: the revenue from such cannot be measured?

lakshmi kollipara

CA Inter

★ 1K+

17-Jul-20 16:58

349

Answers (1)

Yes. Nevertheless, it may be probable that the enterprise will recover the contract costs incurred. Therefore, contract revenue is recognised only to the extent of costs incurred that are expected to be recovered.

ruchi lahoti

CA Inter

★ 27K+

18-Jul-20 11:40

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