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IFRS 15 – Contruction contract

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IFRS 15 – Contruction contract

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  • October 1, 2018 at 8:10 pm #476093
    trainee1
    Participant
    • Topics: 57
    • Replies: 30
    • ☆☆

    Dear tutor

    Would you please let me know how we should deal with construction contract in IFRS 15? Is the approach the same as old IAS 11? Is it examinable at all? I download syllabus and did not find any thing about construction contract but there are some question about this matter in the revision kit!!

    Thanks

    October 3, 2018 at 5:57 pm #476280
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7177
    • ☆☆☆☆☆

    Hi,

    Yes, it is virtually identical to what we had under IAS 11. Under IFRS 15 we are following the same steps and at the end we are recognising the revenue over time. I will pull together some notes upon it when I get the chance.

    Thanks

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