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

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IFRS 15 replaces the following standards and interpretations: IAS 11, Construct

  • This topic has 3 replies, 2 voices, and was last updated 9 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • February 11, 2016 at 2:54 pm #300052
    Candy
    Member
    • Topics: 135
    • Replies: 79
    • ☆☆☆

    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
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    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
    Member
    • Topics: 135
    • Replies: 79
    • ☆☆☆

    Wow Mike,

    You are quick.

    Great and thanks for confirming.

    February 11, 2016 at 4:45 pm #300066
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    You’re welcome

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    Posts
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