Summary
Summary Construction contracts and Revenue Recognition
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AS7- Construct00 (onrats u orpleto onn be pplieConstuchoo ontacis
ona onoct specif caly ngotated the endert f ontiot (at,72Used
asset O ohbh eCOVeg is probable
for thbe consYuch of a
should be ecgnsd
(b) cotact cost Lobth dbeg
dosel iote yelakd o intdepodeot o pe10d
oUNed
Twotpes
cost plus contact
treamert costs' relat1ng to
futre cotiit
Prce qreed as ontactoy is eip
fed sum (fix ed bnsed toy llooble
hoed
cost l. ot toesK
cos £ fied fee piobable thot thy co! be
recove1ed
-ö4eo cassifiad es oyact
- should oot be csed oless t s Undletable con rae Pevenui.
possible to malce o YasDoble
-V unceytairh is Keveoue (olleted
CoNac atad occurs, tben te unnolleetesle
loss should be ecogplsed 4
tonha ct costzeverue. reeovey has cased to be pohotble
outoe o! fized ce contact an
be eshated relhably
ondrtons qre Sohfied: Stags, Df coplethos
- toal contoct Tevene con be
dnet
oasned ehably iocnYed <fos cDO4S peotosnoed Gpto
prcboble thet concomie ben chts
asSocioted cotb toe ona w tbe. eporhng .dake ben to toe
esthinokd tetal. contiatt. csts; oY
Aoo to tbe ertevprise Sunveys t coork peforned, o
o a c cost 4 stoe of conhact
completoo at tbe vepofhng doe compleho a pysicl propor
Can bc neasuYed veliob,4 hon t, Çontact.cooYk
conta cost Cost attnbtable t The
CoobiningtSoentig onshuchby
Contacs,
oosued relidy so tbet actal
osctot coss ao b ogpored osGben cotiacd covers no of aset
shnates
Ortcomne o! a cast plus corhad an sepenate qntad beo;
i
be es fhirakd el1abl, eg
seperalu.n4gotiohon to each asse
eeonem enefts co
ole fhot 4 contiachr custore' hae beo
able to acept w eet thot
Contact cot ttlabutae to otet t rhatt velahy eart
otnsae, ekcleaay
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