Accounting Standard 7: Reporting Profits on Contracts Requires Reliable Estimates to Prevent Unjustified Loss Claims.

Disallowance toward provision for loss on contracts - reporting profit on the basis of proportionality as per AS-7 - The reliability of the estimate is indeed very relevant and crucial to the claim for loss, lest any amount could be claimed under the garb of the likely loss - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X