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ACCOUNTING FOR CONTRACT ASSET

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › ACCOUNTING FOR CONTRACT ASSET

  • This topic has 1 reply, 2 voices, and was last updated 11 months ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 16, 2021 at 8:52 pm #627977
    shaunak22
    • Topics: 195
    • Replies: 32
    • ☆☆☆

    There is different methods given to account for contract assets in bpp & kaplan which method should i follow –

    kaplan method –
    cost incurred up to date xxx
    (add/less) profit/loss xxx
    (less) amount billed (xxx)
    contract asset =XXX

    bpp method –
    revenue recognized xxx
    (less) amount billed xxx
    contract asset =XXX

    in most cases both the method would give me same answer but in cases when cost recognized up to date is more than the cost recognized the answer differs?

    WHICH METHOD SHOULD I FOLLOW I AM REALLY CONFUSED IN THIS CHAPTER SO I REFFERED BOTH THE BOOKS

    July 17, 2021 at 8:37 pm #628098
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6115
    • ☆☆☆☆☆

    Hi,

    Yes, this is still an ongoing issue and has not been resolved as yet with the ACCA as to which treatment they will wish to see. Currently you can use either and will not be penalised.

    Thanks

  • Author
    Posts
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