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You are right, construction contract accounting under AASB111 (IAS11) uses the stage of completion. The journal entry is similar to other revenue recognition, but the way of calculating (or allocating revenue) from the total contract price is a bit complicated.
You also need to consider if there is any loss-making component in the contract, in that case you can only recogise revenue to the extent of the cost incurred.
Normally the key terms & conditions need to be reviewed in detail before you apply revenue calculation and then journal entry as it could be different if the contract has some complex custom-designed pieces or some specific customer's requirements (such as milestones, approval by a project lead team etc, then these conditions need to be taken into account for revenue recognition).
Revenue accounting will be changed significantly due to the current Exposure Draft. If LZ works in this space, please monitor the movements by attending some technical seminars, |
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