August 16, 2018

Clarification on Press Release (Implementation of Ind AS 115, Revenue from Contracts with Customers in context of Real Estate Sector) dated July 20, 2018

It is clarified that recognition of revenue as the construction progresses is possible based on careful evaluation for each contract as to rights and obligations of the parties to the contract and having regard to applicable laws and regulations (including legal jurisprudence in India) while arriving at a conclusion on the criteria listed out in paragraph 35 and related application guidance of the Standard.

For original Press Release on Implementation of Ind AS 115, Revenue from Contracts with Customers in context of Real Estate Sector, click on the following link:

https://www.icai.org/new_post.html?post_id=14932&c_id=238