Construction contract under IFRS 15

From what I can see, the IFRS requires the spreading of profits in accordance with services provided. But that's exactly what the old IAS used to require. The new IFRS seems to lean more heavily towards servce providers with extended period contracts So I'm thinking that, for a constructor, there will still be the need to determine stage reached and anticipated losses and revenues recognised As for auditing .... Kelly, put on your common-sense hat! How do you audit anything? You ask appropriate questions to get the answers that will help you to confirm the assertions required for inclusion of the matter within the financial statements Copies of contracts Copies of directors' minutes Third party confirmations Physical observations and inspections Internal controls Discussions with responsible officials Calculations Written representations Cash matters Company's correspondence file with company's customers Appropriate disclosure in notes to the financial statements There should be enough there to stimulate the thought processes as to how you can audit an IFRS 15 situation

Dear Mike , Thank you so much for your kindly reply. It really helps me a lot!! Best regards, Kelly

You're welcome