In AS 7, construction contract. When there is a contract of loss, we take actual as well as estimated loss to P/L ac of the same year by creating provision for the estimated loss. My doubt is does it violate the matching concept of accounts? If then why? Even if we conclude that the provision is not expense but reserve so how come taking loss of a contract of construction which is of 3 years to only single year is reasonable and gives accurate presentation of P/L account??

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As per SA 299 Joint audit of FS Can the auditor use the work of the other auditor to facilitate it's checking process?

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Will pre construction interest for the period of 10 months from 1st june 2022 to 31st march2023 be considered or is it wrong to consider it as pre construction interest as per rule?

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