IFRS 15 – Contruction contract

This topic has 1 reply, 2 voices, and was last updated 7 years ago by P2-D2.

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October 1, 2018 at 8:10 pm #476093

trainee1
Participant

Dear tutor

Would you please let me know how we should deal with construction contract in IFRS 15? Is the approach the same as old IAS 11? Is it examinable at all? I download syllabus and did not find any thing about construction contract but there are some question about this matter in the revision kit!!

Thanks

October 3, 2018 at 5:57 pm #476280

P2-D2
Keymaster

Hi,

Yes, it is virtually identical to what we had under IAS 11. Under IFRS 15 we are following the same steps and at the end we are recognising the revenue over time. I will pull together some notes upon it when I get the chance.

Thanks
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