oa Civil Engineering = Siviele Ingenieurswese - Construction contracts
|Article Title||Construction contracts|
|© Publisher:||South African Institution Of Civil Engineering (SAICE)|
|Journal||Civil Engineering = Siviele Ingenieurswese|
|Publication Date||Nov 1963|
|Pages||25 - 26|
|Keyword(s)||Construction contracts, Determine profits and Reduction of the number of options|
A revised accounting statement AC 109 'Construction Contracts' was issued in August 1995. This statement supersedes AC 109 Accounting for Construction Contracts', issued in July 1983. The requirements set out in this statement should be regarded as standard for financial statements covering all periods from 1 July 1995. The most significant revision to this statement is the reduction of the number of options that can be used to determine profits arising from construction contracts. Previously, the percentage of completion or completed contract methods could be used, whereas now only the percentage of completion method is permitted when the outcome of the contract can be reliably estimated.
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