Construction contract – IFRS 15Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Construction contract – IFRS 15This topic has 1 reply, 2 voices, and was last updated 9 years ago by MikeLittle.Viewing 2 posts - 1 through 2 (of 2 total)AuthorPosts December 5, 2015 at 4:22 pm #287888 yellowParticipantTopics: 53Replies: 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 contractAccording 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 MikeLittleKeymasterTopics: 27Replies: 23203☆☆☆☆☆Hi YellowYes, recognise the loss in full in the first year in which you forecast that the contract is loss makingAuthorPostsViewing 2 posts - 1 through 2 (of 2 total)You must be logged in to reply to this topic.Log In Username: Password: Keep me signed in Log In