AB Ltd. has signed at 31st December, 2017 the Balance Sheet date, a contract where the Total Revenue is estimated at Rs. 15 Crores and Total Cost is estimated at Rs. 20 Crores. No work began on the contract. Is the Contractor required to give any accounting effect for the year ended 31st December, 2017?

The CMA Intermediate Course Syllabus includes the following topics for Paper 6: Financial Accounting:
Accounting basics
Preparation of financial statements
Self-balancing ledgers
Royalties
Hire purchase and installment system
Branch and departmental accounts
Accounting in a computerized environment and standards