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+--- Thread: Accounting for Construction Contracts (/thread-accounting-for-construction-contracts)
Accounting for Construction Contracts - kmeechin - 02-14-2007
The "Accounting for construction contracts" is an international accounting standard(i.e. IAS11). In Malaysia, does this standard apply to SME's construction company as well? If a contract that only take one to six month(s) to complete, does this contract apply to IAS11?
- nabeelanwer - 02-14-2007
IAS 11 aplicable to only long term contracts(i.e. a contract which falls in two accouting periods)
- kmeechin - 02-15-2007
nabeelanwer, what u mean by 2 accounting period?? A contract must at least 2years?? Can u show me where i can find the condition applicable to IAS 11? Then the accounts of short-term contract totally no need to show in financial year izit?
- nabeelanwer - 02-15-2007
i mean for allocation of revenues and costs of long term contracts work in progress, go for ISA 11.