AS-7 Construction Contracts

The Guidance Note draws upon the principles enunciated in AS-7, Construction Contracts,
wherever percentage completion method is appropriate (as most of the real estate transactions and activities have the same economic substance as construction contracts), whereas, in respect of transactions of real estate which are in substance similar to delivery of goods, principles enunciated in accounting standard (AS) 9, Revenue Recognition, are applied.Hon’ble ITAT Bangalore in Prestige Estate Projects confirmed the principle of revenue recognition laid by the Guidance Note on Recognition of Revenue by Real Estate Developers issued by ICAI and decided accordingly.


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