ICAI withdraws Guidance Note on Accounting of Real Estate Transactions

Announcement for withdrawal of the Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable)
The ICAI had issued aGuidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable), in May 2016, applicable to all projects in real estate by entities to whom Ind AS were applicable. The aforementioned Guidance Note is based on principles of Ind AS 11,Construction Contractsand Ind AS 18,Revenue. On issuance of Ind AS 115,Revenue from Contracts with Customersvide the Companies (Indian Accounting Standards) Amendment Rules, 2018 dated March 28, 2018; the Ind AS 11 and Ind AS 18 stand omitted. Accordingly, theGuidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable)also stands withdrawn.

ICAI withdraws Guidance Note on Accounting of Real Estate Transactions

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