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construction contracts

This topic has 1 reply, 2 voices, and was last updated 5 years ago by Kim Smith.

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September 1, 2019 at 11:14 pm #544106
hbwiza21
Member
- Topics: 53
- Replies: 58
Hi,
Are construction contracts now accounted for under ifrs 15? I cant find any concrete info on this.
If not / If so do you have an up to date link on how to account for these contracts or any brief notes.
Thannks
September 2, 2019 at 7:27 am #544120
Kim Smith
Keymaster
- Topics: 130
- Replies: 8171
Construction contracts are the “classic” example of revenue from a contract with a customer which is performed over a period of time – so yes they are covered under IFRS 15 (assumed knowledge of F7/FR).
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