Accounting for Construction Contracts


This video outlines how to account for fixed cost construction contracts pursuant to AASB 111 Building Contracts (please note that AASB 111 is equivalent to IAS 11 Construction Contracts).

Published 26/03/2014

From: drdavebond

Isselburg – Wasserschloss Anholt 02
The photograph displays the Anholt moated castle. The castle was first talked about in 1169.

Throughout the 16th Century was the growth of the western and northern residential purposes. Also in this time period is the construction of two stair towers in the north-west and the northeast corner of the primary castle dated.

In 1700 the castle was to develop a representative baroque residence with castle character. The &quotBig Tower&quot got its modern, towering roof helmet, and the other buildings were a single slate roof crowned with. Along with the conversion were all a facade smooth plaster, – the contemporary taste – a pattern was etched into the the wonderful blocks of stone imitation.

In addition, the northern front, a two-storey pavilion upstream, so the first park to generate an account.
By Daniel Mennerich on 2010-06-23 14:41:31
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9 comments

  1. Antoni Zhong

    it might be weird, but is it possible the expected loss (Dr onerous liablitity) would be even bigger than the expense occured (Cr construction expense), like due to geographic inspection error? and how to balance the entry?

  2. Thanks , its really helpfull….. I never grasped the concept before watching this video

  3. there r different methods in practice, the method is ultimately depends on many factors like whether a private/public/govt/small /big scale company or project,.and treatment also depends on whether owners equity or bank finance or share holders.

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