ias11 - IAS 11 International Accounting Standard 11...

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IAS 11 © IASCF A383 International Accounting Standard 11 Construction Contracts This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 11 Construction Contracts was issued by the International Accounting Standards Committee in December 1993 . It replaced IAS 11 Accounting for Construction Contracts (issued in March 1979). In May 1999 a paragraph was amended by IAS 10 Events After the Balance Sheet Date . In April 2001 the International Accounting Standards Board resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. IAS 11 has been amended by the following IFRSs: •I A S 2 3 Borrowing Costs (as revised in March 2007) * •I A S 1 Presentation of Financial Statements (as revised in September 2007). * The following Interpretations and their accompanying documents refer to IAS 11: •S I C - 2 7 Evaluating the Substance of Transactions Involving the Legal Form of a Lease (issued December 2001 and subsequently amended) •S I C - 3 2 Intangible Assets—Web Site Costs (issued March 2002 and subsequently amended) •I F R I C 1 2 Service Concession Arrangements (issued November 2006 and subsequently amended) •I F R I C 1 5 Agreements for the Construction of Real Estate (issued July 2008). * *
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IAS 11 A384 © IASCF C ONTENTS paragraphs INTERNATIONAL ACCOUNTING STANDARD 11 CONSTRUCTION CONTRACTS 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 ILLUSTRATIVE EXAMPLES Disclosure of accounting policies The determination of contract revenue and expenses Contract disclosures FOR THE ACCOMPANYING DOCUMENT BELOW, SEE PART B OF THIS EDITION
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IAS 11 © IASCF A385 International Accounting Standard 11 Construction Contracts (IAS 11) is set out in paragraphs 1–46. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 11 should be read in the context of its objective, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 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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IAS 11 A386 © IASCF International Accounting Standard 11 Construction Contracts Objective Scope 1 This Standard shall be applied in accounting for construction contracts in the financial statements of contractors. 2
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ias11 - IAS 11 International Accounting Standard 11...

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