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

Published byDarryl Rawdon Modified over 10 years ago

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Presentation on theme: "Under IFRS Primarily IAS 18 & IAS 11. Very similar to language in FASBs conceptual framework."— Presentation transcript:

1 Under IFRS Primarily IAS 18 & IAS 11

2 Very similar to language in FASBs conceptual framework

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21 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

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

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