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Title: Advanced Accounting: Long Term Construction
Description: Summary of accounting for Long Term Construction.
Description: Summary of accounting for Long Term Construction.
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Items that affect Contract Price and Revenue:
1
...
2
...
3
...
Recognition of Profits:
1
...
2
...
Progress is reasonably measurable = Percentage of Completion
• Input - Cost to cost
• Output
1
...
Architect’s Estimate
b
...
The customer simultaneously receives and consumes the benefit provided by the entity’s
performance
...
The entity’s performance creates or enhances an asset that the customer controls as the asset is
created or enhanced
...
The entity’s performance does not create an asset with an alternative use to the entity and the
entity has enforceable rights to payment for performance completed to date
...
CIP = PB
2
...
IFRS 15: Revenue is always based on the Percentage of Completion
Types of Costs:
1
...
Specific
b
...
Generate/enhance resources to construct the asset
3
Title: Advanced Accounting: Long Term Construction
Description: Summary of accounting for Long Term Construction.
Description: Summary of accounting for Long Term Construction.