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What is Long-term Construction Contracts Accounting about?

This document discusses accounting for long-term construction contracts under IFRS 15 and the previous IAS 11 standards. It describes two types of construction contracts, fixed price and cost plus, and explains the percentage of completion method for recognizing revenue and associated costs over time as the performance obligation to the customer is satisfied. The percentage of completion is measured using output or input methods, with cost-to-cost often used for input. Journal entries are made at each perio

Author

Alleli Cruz

Language

EN