Course Description:

Accounting for long term construction contracts is always problematic for students. This set of videos covers the following: 1. long term construction contracts with expected losses on the project. 2. long term construction contracts with interim losses (but overall the contract is profitable). The videos cover the calculations, the entries, the T accounts and, finally, financial statement presentation. Note that these videos use IAS 11, Construction Contracts, and IAS 18, Revenue, as the basis for the solution of this problem (the old revenue recognition standards). The new IFRS 15, Revenue from Contracts with Customers, will replace, with limited exceptions, all of the following: IAS11, Construction Contracts, IAS 18, Revenue, IFRIC 13, Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers, and SIC-31, Revenue-Barter Transactions involving Advertising Services. IFRS 15 will be effective for annual reporting periods beginning on or after January 1, 2017. Earlier application is permitted. Note that the new standard applies to new contracts created on or after the effective date, and to existing contracts not yet complete as of the effective date. IFRS 15 must be applied retrospectively. Course Length: 18:17 minutes Source: Else Grech Accounting

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