Category:

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

Thousands of courses

DisclaimerMany of the curated courses have been manually added into our Learning Management System, then enhanced with structure, descriptive, activities and consolidation,  referencing who the content creators are (where required). If you like the curated content from any creator and like their materials, please feel free to connect with them directly to explore their full libraries of paid programs. 

We will continue to add more curated quality content as well as increasing partnerships with creators to provide you with an all-in-one skills development platform. 

Book a demo now!

Tell us a bit about you. After review, you will receive an invite calendar where you can select your demo time.