1887

oa Civil Engineering = Siviele Ingenieurswese - Construction contracts

Volume 5, Issue 11
  • ISSN : 1021-2000

 

Abstract

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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/content/civeng/5/11/AJA10212019_22869
1963-11-01
2016-12-11

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