AS-9 recognises of revenue

Firstly, this standard does not deal with the revenue arising from construction contracts, to which AS-7 apply. AS-9 recognises both, i.e., percentage completion method and project completion method. As far as real estate transactions are concerned, recognition of revenue will depend on whether all the significant risks and rewards of ownership have been transferred to the buyer and the seller retains no effective control and no significant uncertainty exists regarding the amount of the consideration from the sale of the property.


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