Construction Contracts under IAS 11

What is a Construction Contract?

A construction contract is a contract specifically negotiated for the construction of an asset, (or combination of assets), that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use.

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Revenue Recognition for under IAS 18

What is Revenue?

Revenue is the gross inflow of economic benefits (cash, receivables, other assets) arising from the ordinary operating activities of an enterprise (such as sales of goods, sales of services, interest, royalties, and dividends).

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IASB Conceptual Framework (2010)

The IASB Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements. It’s used by the IASB to develop new accounting standards, and provides the reasoning current accounting standards.

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