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Hello!
In the revision lecture there was a sentence that we should recognise revenue, costs and profit based on stage of completion.
I couldn`t find anything about such recognition of costs in IFRS 15. Could you please, advice the point in IFRS 15?Regards
Hi,
IFRS 15 now refers to it specifically as over time as opposed to the stage of completion.
Thanks
Thank you for clarification!
In question Haverford, we took to PL both the amounts of COS to date and COS to complete in proportion of 40% completion.
While if IFRS 15 refers to the recognition of costs over time, should we only recognise 1900 cost to complete?Hi,
The % given is reflective of measuring the amounts over time based on what has been done by the business.
Thanks
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