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.
A workshop on 'Creating a Climate for Innovation' in the construction industry organised by the CSIR and the University of the Witwatersrand was held last November. The keynote speaker and facilitator was Dr Peter Bransby, DirectorGeneral of CIRIA in the UK. The opening address was given by Dick Dison, director of Basil Read. The objective of the workshop was to explore mechanisms for creating a climate for innovation in South Africa in order to achieve an efficient, vibrant, and forward-looking industry that will deliver its goods and services to the maximum benefit of the people of this country.
The productivity of various countries is compared and the need for improving production in. South Africa is stressed. The advantages of bonuswork are compared with daywork. The importance of improving work methods and training the worker in the new method before the task is set, is emphasized. The essentials for a satisfactory bonus plan are enumerated and the part played by human relations in production is descriptionbed.
The Authors had dealt in some detail with the rainwater disposal system, method of the crane gantry setting, and the cladding of the main workshop buildings, and it might be of interest to members to give a brief descriptionption of the plant and methods used in the handling and detection of, the some 150,000 pieces of structural steelwork delivered to the site.