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What is PFRS 15: Revenue in Construction Contracts about?

A construction contract is an agreement to build an asset or set of interrelated assets. There are two types of construction contracts: fixed price contracts where the contractor agrees to a fixed total price, and cost-plus contracts where the contractor is reimbursed for costs plus a fee. Revenue is recognized over time using the percentage of completion method if progress can be reasonably measured, such as by costs incurred. Otherwise, the zero-profit or cost recovery method is used where revenue equals

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