Ias 11
IAS 11
International Accounting Standard 11
Construction Contracts
In April 2001 the International Accounting Standards Board (IASB) adopted IAS 11 Construction Contracts, which had originally been issued by the International Accounting Standards Committee in December 1993. IAS 11 Construction Contracts replaced parts of IAS 11 Accounting for Construction Contracts (issued in March 1979). Other IFRSs have made minor consequential amendments to IAS 11. They include IAS 23 Borrowing Costs (as revised in March 2007) and IAS 1 Presentation of Financial Statements (as revised in September 2007).
©
IFRS Foundation
A613
IAS 11
CONTENTS from paragraph
INTERNATIONAL ACCOUNTING STANDARD 11 CONSTRUCTION CONTRACTS
OBJECTIVE SCOPE DEFINITIONS COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS CONTRACT REVENUE CONTRACT COSTS RECOGNITION OF CONTRACT REVENUE AND EXPENSES RECOGNITION OF EXPECTED LOSSES CHANGES IN ESTIMATES DISCLOSURE EFFECTIVE DATE 1 3 7 11 16 22 36 38 39 46
FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS EDITION ILLUSTRATIVE EXAMPLES Disclosure of accounting policies The determination of contract revenue and expenses Contract disclosures
A614
©
IFRS Foundation
IAS 11
International Accounting Standard 11 Construction Contracts (IAS 11) is set out in paragraphs 1–46. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 11 should be read in the context of its objective, the Preface to International Financial Reporting Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
©
IFRS Foundation
A615
IAS 11
International Accounting Standard 11 Construction Contracts
Objective
The objective of this Standard is to prescribe the accounting treatment of
International Accounting Standard 11
Construction Contracts
In April 2001 the International Accounting Standards Board (IASB) adopted IAS 11 Construction Contracts, which had originally been issued by the International Accounting Standards Committee in December 1993. IAS 11 Construction Contracts replaced parts of IAS 11 Accounting for Construction Contracts (issued in March 1979). Other IFRSs have made minor consequential amendments to IAS 11. They include IAS 23 Borrowing Costs (as revised in March 2007) and IAS 1 Presentation of Financial Statements (as revised in September 2007).
©
IFRS Foundation
A613
IAS 11
CONTENTS from paragraph
INTERNATIONAL ACCOUNTING STANDARD 11 CONSTRUCTION CONTRACTS
OBJECTIVE SCOPE DEFINITIONS COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS CONTRACT REVENUE CONTRACT COSTS RECOGNITION OF CONTRACT REVENUE AND EXPENSES RECOGNITION OF EXPECTED LOSSES CHANGES IN ESTIMATES DISCLOSURE EFFECTIVE DATE 1 3 7 11 16 22 36 38 39 46
FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS EDITION ILLUSTRATIVE EXAMPLES Disclosure of accounting policies The determination of contract revenue and expenses Contract disclosures
A614
©
IFRS Foundation
IAS 11
International Accounting Standard 11 Construction Contracts (IAS 11) is set out in paragraphs 1–46. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 11 should be read in the context of its objective, the Preface to International Financial Reporting Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
©
IFRS Foundation
A615
IAS 11
International Accounting Standard 11 Construction Contracts
Objective
The objective of this Standard is to prescribe the accounting treatment of