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Revenue, costs and profit based on stage of completion recognition

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Revenue, costs and profit based on stage of completion recognition

  • This topic has 4 replies, 2 voices, and was last updated 10 months ago by ACCA_procrastinator.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • March 7, 2022 at 1:28 pm #650057
    ACCA_procrastinator
    Member
    • Topics: 9
    • Replies: 11
    • ☆

    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

    March 8, 2022 at 9:18 am #650192
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6440
    • ☆☆☆☆☆

    Hi,

    IFRS 15 now refers to it specifically as over time as opposed to the stage of completion.

    Thanks

    March 10, 2022 at 1:16 pm #650855
    ACCA_procrastinator
    Member
    • Topics: 9
    • Replies: 11
    • ☆

    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?

    March 12, 2022 at 9:01 am #651138
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6440
    • ☆☆☆☆☆

    Hi,

    The % given is reflective of measuring the amounts over time based on what has been done by the business.

    Thanks

    March 17, 2022 at 6:33 am #651400
    ACCA_procrastinator
    Member
    • Topics: 9
    • Replies: 11
    • ☆

    Thank you! It is much clearer now

  • Author
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