Revenue & Asset Recognition for Property Developers – From IAS 11 to IFRS 15

By Lim Ju May Property Developers have reckoned with the accounting for construction contracts for decades. IAS 11 Construction Contracts was first issued in 1979 to prescribe the accounting treatment of revenue and costs associated with construction contracts. IAS 11 aptly named was the eleventh accounting standard issued by the International Accounting Standards Committee (IASC). […]