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Construction contract – IFRS 15

This topic has 1 reply, 2 voices, and was last updated 9 years ago by MikeLittle.

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December 5, 2015 at 4:22 pm #287888
yellow
Participant
- Topics: 53
- Replies: 68
Hello Mike,
Hope you are fine!
Would you please let me know what shall we do about a construction contract if it becomes a loss making contract
According to IAS 11, we had to recognise the loss immediately.
Is it the same under IFRS 15???
Thank you in advance
And many thanks with all your help.
Pray for us! Our battle with p7 exam is very very close 😉
Regards
December 5, 2015 at 5:17 pm #287933
MikeLittle
Keymaster
- Topics: 27
- Replies: 23316
Hi Yellow
Yes, recognise the loss in full in the first year in which you forecast that the contract is loss making
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