IAS 11 Construction Contracts - A Closer Look

Muthupandian K S

MPRA Paper from University Library of Munich, Germany

Abstract: The International Accounting Standards Committee issued the the International Accounting Standard 11, Construction Contracts. The objective of IAS 11 is to prescribe the accounting treatment of revenue and costs associated with construction contracts. This Standard uses the recognition criteria established in the framework for the preparation and presentation of financial statements to determine when contract revenue and contract costs should be recognised as revenue and expenses in the income statement. It also provides practical guidance on the application of these criteria. This article presents a closer look of standard (objective, scope, definitions, accounting treatment, recognition, presentation and disclosures).

Keywords: International Accounting Standard; Construction Contracts; Fixed price contract; Cost plus contract; Contract revenue; contract costs; IAS 11; IASC; IASB (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2008-11-20
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Published in The Management Accountant 12.43(2008): pp. 900-904

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