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Page 1
ACCOUNTING STANDARD - 7
ACCOUNTING FOR
CONSTRUCTION CONTRACTS
Page 2
ACCOUNTING STANDARD - 7
ACCOUNTING FOR
CONSTRUCTION CONTRACTS
PURPOSE
PURPOSE
•
Accounting for construction contracts in the
financial statements of enterprises undertaking such
contracts.
•
Applies to enterprises undertaking construction
activities not as contractors but on their own account
as venture of a commercial nature where the
enterprise has entered into agreements for sale.
Page 3
ACCOUNTING STANDARD - 7
ACCOUNTING FOR
CONSTRUCTION CONTRACTS
PURPOSE
PURPOSE
•
Accounting for construction contracts in the
financial statements of enterprises undertaking such
contracts.
•
Applies to enterprises undertaking construction
activities not as contractors but on their own account
as venture of a commercial nature where the
enterprise has entered into agreements for sale.
DEFINITION
DEFINITION
A CONSTRUCTION CONTRACT is a
contract for the construction of an asset or of a
combination of assets which together constitute
a single project
Page 4
ACCOUNTING STANDARD - 7
ACCOUNTING FOR
CONSTRUCTION CONTRACTS
PURPOSE
PURPOSE
•
Accounting for construction contracts in the
financial statements of enterprises undertaking such
contracts.
•
Applies to enterprises undertaking construction
activities not as contractors but on their own account
as venture of a commercial nature where the
enterprise has entered into agreements for sale.
DEFINITION
DEFINITION
A CONSTRUCTION CONTRACT is a
contract for the construction of an asset or of a
combination of assets which together constitute
a single project
TYPES OF CONTRACTS
TYPES OF CONTRACTS
1. Fixed price contracts.
2. Cost plus contracts.
Page 5
ACCOUNTING STANDARD - 7
ACCOUNTING FOR
CONSTRUCTION CONTRACTS
PURPOSE
PURPOSE
•
Accounting for construction contracts in the
financial statements of enterprises undertaking such
contracts.
•
Applies to enterprises undertaking construction
activities not as contractors but on their own account
as venture of a commercial nature where the
enterprise has entered into agreements for sale.
DEFINITION
DEFINITION
A CONSTRUCTION CONTRACT is a
contract for the construction of an asset or of a
combination of assets which together constitute
a single project
TYPES OF CONTRACTS
TYPES OF CONTRACTS
1. Fixed price contracts.
2. Cost plus contracts.
METHODS FOLLOWED
METHODS FOLLOWED
PERCENTAGE OF COMPLETION METHOD
OR
COMPLETED CONTRACT METHOD
The method of accounting selected represents an
accounting policy and therefore if there is any change in
the accounting policy the effect of the change and its
amount needs to be disclosed.
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Oct 24, 2024 Last updated |
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