Guidance Note on Accounting for Real Estate Transactions (Revised 2012)

Posted: 23/02/2012 in Guidance Notes, ICAI

Guidance Note on Accounting for Real Estate Transactions (Revised 2012)

Contents

1. Objective and Scope

2. Definitions

3. Accounting for Real Estate Transactions

4. Application of principles of AS 9 in respect of sale of goods to a real estate project

5. Application of Percentage Completion Method

6. Accounting for sale of land or plots

A. Sale of plots of land without any development

B. Sale of developed plots

7. Transferable Development Rights

8. Transactions with multiple elements

9. Disclosure

Illustration on application of percentage completion method

Click here to download the above Guidance Note- Guidance Note on Accounting for Real Estate Transactions (Revised 2012) – (16-02-2012)- [Format-PDF], {No. of Pages- 19}, (Size- 175KB).

Source: The Institute of Chartered Accountants of India.

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