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Sir which approach is correct according to FR exam .Because it is said in the technical article that the IAS 11 approach is over ceded by IFRS 15 when accounting for contract assets and liabilities. However we get a different answer when we account it in IFRS method(by not taking the profit recognized in the calculation). Which approach is actually marked in the FR exam I prefer the IFRS 15 method because it is straightforward but it gives a different contract asset.
Hi,
There still has not been any confirmation of which method would be used to calculate the contract asset/liability on the face of the SFP.
Thanks
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