Section 23 Revenue incorporates the specialised requirements and considerations around construction contracts accounting.
Section 23 of IFRS for SMEs differs from IFRS 15 Revenue in terms of construction contracts accounting, in that the approach in IFRS for SMEs is based on the percentage of completion method as opposed to IFRS 15’s focus on the transfer of distinct goods and services to the customer.
This section provides guidance on how to account, not only, for the revenue but also the costs from a construction contract.
The following requirements from IFRS for SMEs Section 23 Revenue will be unpacked relative to construction contracts from the perspective of the contractor:
NOTE: IFRS 15 Revenue will NOT BE DISCUSSED
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