Citation:Perera, G.M.H.K. & Jayamaha, A. 2016. Revenue Recognition of Construction of Houses. Case Studies in Accounting “Bridging the Gap”, 03: pp. 88-91. Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka.
Date:2016
Abstract:
XYZ (Private) Limited is a medium scale construction entity, which construct
houses for low income earning community. The shares of the entity are held by
Mr. A and Mr. B who are also members of the board not-for -Profit entity of AB
Sri Lanka.
The entity does not deploy and execute construction contracts by itself; rather
constructions are fully subcontracted for material and labor. Accounting policies
and presentation of financial statements of the entity comply and adhere with
Sri Lanka Accounting Standards (LKASs and SLFRSs).
