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Construction contract – IFRS 15

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Construction contract – IFRS 15

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  • December 5, 2015 at 4:22 pm #287888
    yellow
    Participant
    • Topics: 52
    • 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: 23355
    • ☆☆☆☆☆

    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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