tailieunhanh - GN(A) 23 (Revised 2012) Guidance Note on Accounting for Real Estate Transactions

Although the very first carbon offset project was voluntary, 2 much of the work to establish real markets for carbon offsets has been done in the context of designing regulatory programs. Many experimental carbon offset projects were undertaken in the 1990s, for example, in order to inform negotiations under the Framework Convention on Climate Change about the design of an international GHG emissions trading system. Experience from these projects led to the creation of the “Clean Development Mechanism” (CDM) under the Kyoto Protocol, which now constitutes the largest functioning market for carbon offsets. Through the CDM, emission reductions in developing countries. | GN A 23 Revised 2012 Guidance Note on Accounting for Real Estate Transactions Foreword Growth of the real estate sector in the recent past in India indicates the importance of this sector in Indian economy. Along with fulfilling one of the basic necessities for human existence . housing this sector has also been used as a key tool by the Indian Government in achieving an overall socioeconomic growth during the last few decades. The development in the real estate market encompasses growth in both commercial and residential spheres. As there are large numbers of entities in this segment there is intense pressure amongst the entities to stay on top in the investors choice list. The Institute of Chartered Accountants of India ICAI while realising the role of this sector in fuelling growth of Indian economy and recognising need for guidance on accounting for real estate sales in 2006 issued Guidance Note on Recognition of Revenue by Real Estate Developers. With the fast growth of this sector the volume and the number of transactions in this sector have also grown significantly. In the recent past different practices followed by the various real estate developers in recognising their revenue has also been amongst the favourite headlines in the news across the country. Considering this ICAI felt that the revision of the Guidance Note is necessary. I appreciate the initiative taken by the Accounting Standards Board in this regard. I wish to place on record my deep appreciation of CA. Manoj Fadnis Chairman Accounting Standards Board and members of the Accounting Standards Board who have made invaluable contribution in the finalisation of this Guidance Note. I hope that this revised Guidance Note will be useful - both to our members as well as the others concerned. New Delhi February 2012 CA. G. Ramaswamy President Compendium of Guidance Notes - Accounting Preface In recent years with the increase in the demand for real estate due to factors such as the fast growing .