May 2013
Beginner
562 pages
15h
English
Content preview from IFRS Essentials
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IAS 11 CONSTRUCTION CONTRACTS
1 INTRODUCTION
IAS 11 specifies the accounting for construction contracts from the contractor's perspective (IAS 11.1). A construction contract may be specifically negotiated for the construction of a single asset such as a bridge, building, dam, pipeline, road, ship or tunnel. However, a construction contract may also be specifically negotiated for the construction of a number of assets that are closely interrelated or interdependent in terms of their design, technology, and function or their ultimate purpose or use (e.g. the construction of a refinery) (IAS 11.3–11.4). The scope of IAS 11 also includes construction contracts with a short duration that are started in the reporting period and are completed after the reporting period.
Contracts for the construction of real estate meet the definition of a construction contract if the buyer is able to specify the major structural elements of the design of the real estate before construction begins and/or specify major structural changes once construction is in progress. If the definition of a construction contract is not met, IAS 18 applies instead of IAS 11 (IFRIC 15).
IAS 11 does not apply to service contracts (e.g. the specifically negotiated programming of software and the preparation of a tax return or of a legal opinion). However, the concept of IAS 18 for recognizing revenue and the associated expenses for transactions involving the rendering of services is generally consistent with the requirements ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.