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    What is the manner of recognition of revenue and expenses from construction contracts under ICDS III.

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    Manual - ICDS III : Construction Contracts

    Revenue and costs from construction contracts are to be recognized by reference to the stage of completion of contract activity on the reporting date. This is referred to as “percentage of completion” method. Under this method, revenue, expenses and profit are reported based on the proportion of work completed.

     

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    ActsIncome Tax