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Accounting Standards Interpretations 29: Turnover in case of Contractors - Accounting Standard (AS) 7, Construction Contracts (revised 2002)

AS 7, Construction Contracts (revised 2002) deals, inter alia, with revenue recognition in respect of construction contracts in the financial statements of contractors. It requires recognition of revenue by reference to the stage of completion of a contract(referred to as‘percentage of completion method’). | Accounting Standards Interpretations 29: Turnover in case of Contractors - Accounting Standard (AS) 7, Construction Contracts (revised 2002)