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IFRS 15 replaces the following standards and interpretations: IAS 11, Construct

This topic has 3 replies, 2 voices, and was last updated 6 years ago by MikeLittle.

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February 11, 2016 at 2:54 pm #300052
Candy
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Hi Mike,

Hope you are well.

Can you please confirm if the notes you have for construction contracts are suitable to cover the new standard.

Or if not please tell me what I need to cover.

Many thanks

Candy
February 11, 2016 at 3:31 pm #300054
MikeLittle
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Hi Candy

Yes, the notes are fine for IFRS 15. The IFRS also replaced IAS 18 Revenue so the chapter for revenue in the course notes has been re-written to bring it up to date.

However, we still need to have some way of calculating the extent of revenue (and costs) to be recognised so those original calculations in chapter 13 will still be valid

OK?
February 11, 2016 at 3:48 pm #300056
Candy
- Topics: 135
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Wow Mike,

You are quick.

Great and thanks for confirming.
February 11, 2016 at 4:45 pm #300066
MikeLittle
Keymaster
- Topics: 26
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You’re welcome
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