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What is the manner of recognizing contract revenue during the early stages of a contract.

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Manual - ICDS III : Construction Contracts

During the early stages of a contract, where the outcome of a contract cannot be estimated reliably, contract revenue is recognized only to the extent of costs incurred. It may be noted that an early stage of a contract should not extend beyond 25 percent of the stage of completion.

 

 

Dated: 22-8-2017



 

 

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