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International Accounting Standards: Revenue Recognition in construction Industry
Finance & Accounting
Pages 6 (1506 words)
One of the industries which have been affected by the uncertainty surrounding the development of the new standard is construction industry and the International Accounting Standard 11 is expected to be replaced by the new standard in due course.
Bradley Richards is a leading firm of accountants with many clients in the construction industry. The accounting practices adopted by these companies need to be reoriented in the light of these developments. This paper seeks to discuss about the important aspects with regard to revenue recognition in accounting of the construction contracts for updating our clients with the developments in this front. We have outlined the objective of revenue recognition and current practices adopted in the construction industry, the methods used by companies for revenue recognition, the process of development of the new standard, practical issues involved in developing a new standard for revenue recognition underlining its importance and the changes that are expected to be introduced for accounting under the new standard. Understanding of revenue recognition in proper perspective will enable the companies in the construction industry to reorient their accounting practices to fall in line with international accounting standards and IFRS regime. ...
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