Under IFRS Primarily IAS 18 & IAS 11. Very similar to language in FASBs conceptual framework.

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Presentation transcript:

Under IFRS Primarily IAS 18 & IAS 11

Very similar to language in FASBs conceptual framework

Current asset: Gross amount due from customers for contract work Current liability: Gross amount due to customers for contract work Current asset: Costs of uncompleted contracts in excess of related billings Current liability: Billings of uncompleted contracts in excess of related costs

Joint Project of FASB & IASB on Revenue Recognition Exposure Draft comments due Oct. 22, 1010