Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: due date for vat payment :: TDS :: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: VAT Audit :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4%
 
 
ICAI »
 CPE Events 25 September- 30 September 2017
 Indian Accounting Standards (Ind AS): An Overview (Revised 2017)
 Educational Material on Indian Accounting Standard (Ind AS) 18, Revenue (Revised 2017)
 Group to identify the issues for simplying the process for compliance of GST especially by small and medium enterprises, traders and professionals
 Next batch of the Certificate Course on Valuation at Bangalore from 11th November, 2017.
 Extension of date empanelment of members to act as observers for November / December 2017 examinations up to 25th September, 2017
 CPE Events 18 September- 23 September 2017
 Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31 October
 Peak Filing Preparation 2017-MCA 21
 Group for suggesting ways and means to resolve Inter unit reconciliations issues including re-engineering the process/procedures, revenue sharing, between HO and branches, various grants payable and accounting entries thereof, especially in GST regime
 Weightage of Marks at All Levels of CA Course Under Revised Scheme of Education and Training

ICAI note may delay revenue bookings of realty firms
March, 03rd 2012

The latest guidance note brought out by the Institute of Chartered Accountants of India (ICAI) on accounting in real estate transactions may delay revenue bookings by realty companies and erode their profitability.

According to the note, initial revenues from a project can be recognised only when all critical approvals are in place and 25 per cent of the project is sold. At least 10 per cent revenue realisation is yet another recommendation by ICAI. The note applies to revenue recognition in projects that will commence on or after April 1, 2012, and to those that have started but their revenue recognition will start on or after Arpil 1, 2012.

Although such notes are recommendatory in nature, these become accounting norms by default, auditing companies say.
In most cases, the revised note may require deferral of revenue until the stated criteria are met. So, top line and bottom line of companies with a lot of projects at nascent stage may get considerably impacted, says V Venkataramanan, partner (accounting advisory services) at global audit and advisory firm KPMG.

At present, property developers start recognisng revenues at different stages of construction. The range is between 20 and 30 per cent of completion of a project. While the countrys largest realty developer DLF starts recognising revenues after 30 per cent of construction is complete, Unitech starts it at 20 per cent. The note also excludes land costs in the calculation of the minimum threshold of 25 per cent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions