Completed contract method

Revenue is to be recognised when all of the following conditions are satisfied: (Completed contract method)The seller has transferred all significant risks and rewards of ownership and retains no effective control of the real estate (including ownership),The seller has handed over the possession of the real estate unit to the buyer, The amount of sale consideration can be reasonably measured, It is not unreasonable to expect ultimate collection of revenue from buyer,  Where the transfer of legal title is a condition before the buyer taking over significant risks and rewards of ownership, revenue should be recognised when the legal title is transferred.

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