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Category > Accounting Posted 09 Jun 2017 My Price 6.00

Long-term contracts; cost recovery method

IFRS; long-term contracts; cost recovery method

A construction company entered into a fixed-price contract to build an office building for $20 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. The building was completed during the second year. Construction costs incurred during the second year were $10 million. How much revenue, cost, and gross profit will the company recognize in the first and second year of the contract applying the cost recovery method that is required by IFRS?

 

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Alpha Geek
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Status NEW Posted 09 Jun 2017 07:06 AM My Price 6.00

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Attachments

file 1496995084-1848255_1_636325692841927555_Cost-recovery-Method.xlsx preview (178 words )
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