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hello friends welcome to another video today intermediately accounting standard seven construction contract in feedback foreign [Music] so [Music] construction [Music] [Music] foreign the focus of the standard is on principles of revenue recognition [Music] [Music] [Music] of completion method and then a percentage of completion method the different different methods of competition a contract foreign plus percentage of completion [Music] percentage of competition describe that the percentage completion method should not be used unless it is possible to make reasonable estimate of the final outcome of the contract the percentage of completion methodology should not be used [Music] a7 provides that whether the total contract cost is x expected to exceed the total contract revenue the law should be recognized as an expense immediately immediately this is very very important very very important to me and then [Music] [Music] foreign [Music] [Music] [Music] [Music] the outcome of fixed pri