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IAS 11 construction contract

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IAS 11 construction contract

  • This topic has 0 replies, 1 voice, and was last updated 14 years ago by Avatareonchen.
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  • July 19, 2011 at 4:07 am #49341
    Avatareonchen
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    The amount of revenue and cost that we need to record in SOCI is cumulative or separatetly record?that means,Y1 revenue is 100:Y2 revenue is 300,so i need record 300(Y2 only) or 400(sum of Y1&Y2) in the SOCI?and how about the treatment for variation order?revise the contract price and cost,then reflected in SOCI as expenses or no need to record because the revised revenue and cost rdy account for the variation amount?Pls give me some guidance,TQ:)

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