AC2101 S1 2014 Seminar 19 Revenue.pptx

Real estate accompanying note 11 int frs 115 eective

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 2) b.  Scenario 2: Current estimates à༎ Entire loss recognized (FRS11:36) c.  Scenario 3: Outcome not reliably estimated à༎ Zero profit. Where expected loss, recongise expected loss as an expense immediately (FRS11:32) §༊  Step 2: Compute the percentage of completion §༊  Step 3: Compute the current construction profit/(loss) for the current period §༊  Where there is an expected loss, then use 100% §༊  Step 4: Compute the current construction revenue earned for the current period §༊  Step 5: Compute the current construction costs incurred for the current period §༊  Where there is an expected loss, provide for future losses 10 5 Property Developers INT FRS 115 Agreements for the...
View Full Document

Ask a homework question - tutors are online