Summary - IFRS 15

Question 1

Construction Contracts

Answer 1

1.Total Expected PL:
Total Expected Rev-Total Expected Costs (x)

2.State of completion- told in Q

3. Check previous year

PL

Total Expected Rev x State of Comp: Less Prev yr amt

Total Expected Cost x State of Comp: Less Prev yr amt

Provide for any loss on contract.

SOFP
Rev Cost

Total recognised in PL to date (cumulative) x x
Recieved from Cust x
Incurred Cost (x)

Rev= receivable
Cost = WIP (Contract asset)