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I need your help .
I’ll like to know how to account for the following:
X Co enters into contract with customers to construct buildings. The contracts have standard terms, which include penalties payable by X Co if the contract is delayed, or payable by the customer, if X Co cannot gain access to the construction site
This looks like half a question.
A bit like variable consideration – recognise to extent that it will probably not reverse etc.
IFRS 15 Revenue – step 3.
Recommend you re-watch our lecture on revenue.