hkas11 construction contracts

hkas11 construction contracts - HKAS 11 Issued October...

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Construction Contracts Hong Kong Accounting Standard 11 HKAS 11 Issued October 2004 Revised March 2010
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HKAS 11 © Copyright 2 COPYRIGHT © Copyright 2010 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard contains International Accounting Standards Committee Foundation copyright material. Reproduction within Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and inquiries concerning reproduction and rights for commercial purposes within Hong Kong should be addressed to the Director, Operation and Finance, Hong Kong Institute of Certified Public Accountants, 37/F., Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong. All rights in this material outside of Hong Kong are reserved by International Accounting Standards Committee Foundation. Reproduction of Hong Kong Financial Reporting Standards outside of Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Hong Kong should be addressed to the International Accounting Standards Committee Foundation at www.iasb.org .
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HKAS 11 (December 2007 March 2010 ) © Copyright 3 CONTENTS HONG KONG ACCOUNTING STANDARD 11 CONSTRUCTION CONTRACTS paragraphs OBJECTIVE SCOPE 1-2 DEFINITIONS 3-6 COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS 7-10 CONTRACT REVENUE 11-15 CONTRACT COSTS 16-21 RECOGNITION OF CONTRACT REVENUE AND EXPENSES 22-35 RECOGNITION OF EXPECTED LOSSES 36-37 CHANGES IN ESTIMATES 38 DISCLOSURE 39-45 EFFECTIVE DATE 46 APPENDIX CES A Illustrative examples Disclosure of accounting policies The determination of contract revenue and expenses Contract disclosures B Comparison with International Accounting Standards Hong Kong Accounting Standard 11 Construction Contracts (HKAS 11) is set out in paragraphs 1-46. All the paragraphs have equal authority. HKAS 11 shall should be read in the context of its objective, the Preface to Hong Kong Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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HKAS 11 (October 2004 March 2010 ) © Copyright 4 Hong Kong Accounting Standard 11 Construction Contracts Objective The objective of this Standard is to prescribe the accounting treatment of revenue and costs associated with construction contracts. Because of the nature of the activity undertaken in construction contracts, Because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting periods. Therefore, the primary issue in accounting for construction contracts is the allocation of contract
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hkas11 construction contracts - HKAS 11 Issued October...

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