IAS11 BV2009 - IAS 11 International Accounting Standard 11...

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IAS 11 International Accounting Standard 11 Construction Contracts This version includes amendments resulting from IFRSs issued up to 31 December 2008. 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Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn.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: IAS 23 Borrowing Costs (as revised in March 2007) 1 IAS 1 Presentation of Financial Statements (as revised in September 2007). 2 The following Interpretations and their accompanying documents refer to IAS 11: SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease (issued December 2001 and subsequently amended) SIC-32 Intangible Assets—Web Site Costs (issued March 2002 and subsequently amended) IFRIC 12 Service Concession Arrangements (issued November 2006 and subsequently amended) IFRIC 15 Agreements for the Construction of Real Estate (issued July 2008). 3 1 effective date 1 January 2009 2 effective date 1 January 2009 3 effective date 1 January 2009 © IASCF 1
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IAS 11 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 APPENDIX Illustrative examples Disclosure of accounting policies The determination of contract revenue and expenses Contract disclosures 2 © IASCF
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IAS 11 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. © IASCF 3
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IAS 11 International 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, 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
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

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IAS11 BV2009 - IAS 11 International Accounting Standard 11...

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