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Lecture IFRS primer international GAAP basics: Chapter 8 - Wiecek, Young

Chapter 8 - Construction contracts: IAS 11. The main contents of the chapter consist of mains parts: Related standards, IAS 11, current GAAP comparisons, IFRS financial statement disclosures, looking ahead, end-of-chapter practice. | Lecture IFRS primer international GAAP basics Chapter 8 - Wiecek Young Construction Contracts IAS 11 Wiecek and Young IFRS Primer Chapter 8 Construction Contracts Related standards IAS 11 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice 2 Related Standards SAB 104 Revenue Recognition SOP 81-1 Accounting for Performance of Construction-Type and Certain Production- Type Contracts CON 6 Elements of Financial Statements 3 Related Standards IAS 18 Revenue 4 IAS 11 Overview Objective and scope Combining and segmenting construction contracts Contract revenue Contract costs Recognition of contract revenue and expenses Disclosure and presentation 5 IAS 11 Objective and Scope Standard deals with revenue recognition for construction contracts and the special problems embedded in these contracts due to the nature of the arrangement with the customer Specifically these types of contracts often have the following unique features Signed up front before work is performed Customer billings are stipulated in the contract Long term in nature spanning several reporting periods Earnings process is made up of many often significant events IAS 11 builds upon the revenue recognition criteria laid down in the framework and also upon IAS 18 Revenue 6 IAS 11 Objective and Scope The standard provides the following term definitions A construction contract is a contract specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design technology and function or their ultimate purpose or use A fixed price contract is a construction contract in which the contractor agrees to a fixed contract price or a fixed rate per unit of output which in some cases is subject to cost escalation clauses A cost plus contract is a construction contract in which the contractor is reimbursed for allowable or otherwise defined costs plus a percentage of these costs or a .