Guidance Note on Accounting for Real Estate Transactions-ICAI
ICAI has issued a Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable). The objective of the guidance note is to recommend the accounting treatment by entities dealing in ‘Real Estate’ as sellers or developers and the Guidance Note covers all forms of transactions in real estate industry like Sale of plots of land, Development and sale of residential and commercial units, Acquisition, utilisation and transfer of development rights, Redevelopment of existing buildings and structures and Joint development agreements.
The Guidance Note consist of the following sections:
Apart from this illustrations have also been provided where needed.
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