Hi Just wondering for a contract where the percentage of performance obligations satisfied is measured according to certificates issued by a surveyor.
The certified complete = 40%
When working out recognise profit, It is a loss of 3000. This is then brought in to work out the Asset. Should this be 3000 by 40% or because it's not a profit just 3000?
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BPP Q64,66
9y ago#1Where a loss is forecast, it should be recognised IN FULL as soon as it is anticipated
Have you worked through the course notes on this subject? It's clearly explained and illustrated in those notes and also in the associated lecture
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