Category: IAS 11 Construction Contracts

IAS 11 Construction Contracts provides requirements on the allocation of contract revenue and contract costs to accounting periods in which construction work is performed. Contract revenues and expenses are recognised by reference to the stage of completion of contract activity where the outcome of the construction contract can be estimated reliably, otherwise revenue is recognised only to the extent of recoverable contract costs incurred. THIS IAS WILL BE SUPERSEDED BY IFRS 15 on 1 JANUARY 2018.