Could you please look in to and clarify the doubt.
A real estate property (33% completed) has been acquired by our company for 10 million. We have paid them 2.5 million in cash consideration and balance in units (flats/rooms in project).
Do we need to recognize the contract income in the year of transfer of property for the units allocated to the seller of the project?
It will be great if it can substantiate with applicable standards for my reference.