IndigoLearn

Forums

Back

Recognition of Estimated Construction Contract Losses Immediately

Accountancy

Hi sir, hope you're well Since we recognize estimated losses immediately, and we recognize the costs and revenues of subsequent periods also, won't we be doing double-counting? Since the loss is being recognized effectively in two periods. Thanks Video Details ------------- P1 - Accounting Standards - CA Inter (New) AS 7 #5. Illustrations on Revenue Recognition

Devaprasad Jothimani

CA Inter

★ 0

12-Apr-24 13:19

111

Answers (1)

Expenses are recognised on a cumulative basis. Cumulative expenses incurred - Cumulative expenses recognised

CA Suraj Lakhotia

Admin

12-Apr-24 17:01

Your Reply

IndigoLearn

We have been revolutionising learning paths for students of CA, CFA, CMA, US CMA, and ACCA since 2017 . “Learn Like Never Before” & ‘ Students-first ’ are the cornerstones of our approach. We take immense pride in having enabled 13,000 + students succeed in some of the toughest examinations in the world & are grateful to them for the love and respect they have showered us with, over the years.