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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
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?
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