Munich Personal RePEc Archive

IAS 11 Construction Contracts - A Closer Look

Muthupandian, K S (2008): IAS 11 Construction Contracts - A Closer Look. Published in: The Management Accountant , Vol. 43, No. 12 (December 2008): pp. 900-904.

[img]
Preview
PDF
MPRA_paper_40027.pdf

Download (100Kb) | Preview

Abstract

The International Accounting Standards Committee issued the the International Accounting Standard 11, Construction Contracts. The objective of IAS 11 is to prescribe the accounting treatment of revenue and costs associated with construction contracts. This Standard uses the recognition criteria established in the framework for the preparation and presentation of financial statements to determine when contract revenue and contract costs should be recognised as revenue and expenses in the income statement. It also provides practical guidance on the application of these criteria. This article presents a closer look of standard (objective, scope, definitions, accounting treatment, recognition, presentation and disclosures).

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.