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Real estate companies need not wait for completion of their projects to book revenues, the CA Institute has said.
“They can recognise revenues as construction of projects progresses,” Naveen ND Gupta, President, ICAI said.
“This is possible considering the prevalent long established legal system in India, and facts and circumstances of individual cases,” Gupta said.
This clarification from the CA Institute has come in the wake of certain “confusing and misleading” media reports that Ind AS115, Revenue from Contracts with Customers permits only completed contract method of accounting for real estate companies.
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