Determining Surplus or Deficit in Partially Completed Contracts via Expenses is Inaccurate; Losses Not for Depreciation Shortfalls.

Expenses Debited to P&L Account - Can we determine with reasonable accuracy the surplus or deficit that would arise in a contract execution which is far from complete - Can we say that such loss claimed were to off-set any deficiency in the depreciation claim - Answer to all these, in our opinion are a firm ‘No’. - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X