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    Question

    ICDS III deals with which of the

    following:
    A Construction Contracts Correct Answer Incorrect Answer
    B Revenue Recognition Correct Answer Incorrect Answer
    C The Effects of Changes in Foreign Exchange Rates Correct Answer Incorrect Answer
    D Borrowing Costs Correct Answer Incorrect Answer

    Solution

    ICDS III (Income Computation and Disclosure Standard III) deals with Construction Contracts. It provides guidance on the recognition of revenue and determination of costs associated with construction contracts for the purpose of computing income under the Income Tax Act. This standard helps in determining the appropriate methods for recognizing revenue and costs related to construction projects.

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