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متابعة

In what ways is accounting in construction industry different from that in other industries like manufacturing. Please share your valuable experience?

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تم إضافة السؤال من قبل Mohammed Hussain Shah , Finance Manager , Al-Naba Contracting Co. Ltd
تاريخ النشر: 2015/02/20
مستخدم محذوف‎
من قبل مستخدم محذوف‎

Construction contract Characterized by long- term period two or three years may be more and large values so profit recognition treated for contract by two methods :

1- completed contract method .

2- percentage of completion method .

Nouman Mustafa
من قبل Nouman Mustafa , Finance Manager (Financial Planning & Reporting) , Saudi Arabian Airlines

Accounting in Construction industry is done as per IAS-11 where revenues and costs are recognized on percentage of work completion basis whereas manufacturing industries follows basic accounting principles for revenue and cost recognition. 

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