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IFRS 15 vs IAS 11

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IFRS 15 vs IAS 11

  • This topic has 3 replies, 2 voices, and was last updated 9 months ago by P2-D2.
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  • September 18, 2021 at 1:30 pm #635976
    jijon
    • Topics: 17
    • Replies: 15
    • ☆

    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.

    September 21, 2021 at 7:41 pm #636166
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6119
    • ☆☆☆☆☆

    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

    September 23, 2021 at 5:58 am #636343
    jijon
    • Topics: 17
    • Replies: 15
    • ☆

    Yes but we still get mark either way right?

    September 25, 2021 at 8:52 am #636442
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6119
    • ☆☆☆☆☆

    You would have to, and I doubt you would see the question in section A or B given the current options. If it was then it would have to specifically outline how you treat it.

    Thanks

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