Ind as 11
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This document outlines the key principles of Ind AS 11 Construction Contracts. It discusses the history, applicability, types of contracts, revenue and cost recognition, degree of completion methods, disclosures required, and accounting for service concession arrangements. The standard is mandatory for construction contracts but not real estate transactions. Revenue is recognized based on the percentage of completion or cost incurred to date depending on whether the outcome can be reliably estimated. Costs include direct, allocated, and excluded costs. Extensive disclosures are required around revenue, methods, costs, and balances.
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IAS 11 Construction Contracts
This document provides an overview of IAS 11, which provides accounting guidance for construction contracts. It discusses the objective and scope of IAS 11, key definitions, how to account for contract revenue and costs, methods for estimating the stage of completion, and how to account for changes in estimates and expected contract losses. The standard provides guidance on recognizing revenue and expenses over the duration of a construction contract based on the percentage of completion method when outcomes can be reliably estimated.
Ias 23
This document provides an overview of IAS 23 Borrowing Costs. It discusses the core principle that borrowing costs directly attributable to qualifying assets form part of the cost of that asset. Qualifying assets are those that take a substantial period of time to get ready for use or sale, such as inventories, plants, and properties. Borrowing costs can be capitalized when probable future benefits exist and costs can be reliably measured. The document also outlines the recognition, eligibility, commencement, suspension, and cessation of capitalization of borrowing costs, as well as required disclosures.
Ias 11
This document provides an overview of IAS 11 Construction Contracts, including the standard's scope, types of construction contracts, classification of contracts, accounting for contract revenue and costs, and recognition of revenue and costs over time based on the percentage of completion method. Key points covered include distinguishing between fixed-price and cost-plus contracts, treating multiple or additional asset contracts as separate or combined, including variations, claims and incentives in revenue, and recognizing expected losses immediately.
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This document discusses IAS 23 Borrowing Costs. It defines borrowing costs and qualifying assets that allow capitalization of borrowing costs. Borrowing costs can be capitalized as part of the cost of a qualifying asset during the period of time required to complete and prepare the asset for its intended use. Capitalization commences when expenditures are incurred on the asset and ceases when the asset is substantially complete. The document also covers suspension of capitalization, disclosure requirements, and transitional provisions related to IAS 23 Borrowing Costs.
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IAS 16 provides guidance on accounting for property, plant and equipment. It requires initial recognition of assets at cost and subsequent measurement using either the cost model or revaluation model. It also provides guidance on depreciation, derecognition, and disclosures of property, plant and equipment. Some key differences from Indian GAAP include requirements for regular revaluation, a component approach for depreciation, and capitalization of certain subsequent expenditures.
Ind AS 18 Revenue Recognition
Ind AS 18 provides guidance on accounting for revenue. It aims to determine when to recognize revenue. Revenue is recognized when future economic benefits flow to the entity and can be reliably measured.
The standard addresses revenue recognition for sale of goods, rendering of services, and interest, royalties or dividends. For sale of goods, revenue is recognized when risks and rewards of ownership transfer. For services, revenue is recognized by reference to completion percentage. Interest is recognized using effective interest rate method, while royalties and dividends are recognized on an accrual basis.
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Similar to Ind as 11
ICDS III, IV and Draft ICDS on Real Estate Transaction
This standard provides guidance on accounting for revenue from construction contracts. It outlines that revenue and expenses should be recognized based on the percentage of completion method as the construction project progresses. The percentage of completion may be determined based on surveys of work performed or costs incurred. Revenue is only recognized to the extent of contract costs if the outcome cannot be reliably estimated during the early stages of a project. The standard also provides guidance on combining or segmenting contracts, accounting for contract variations, and disclosing contract balances.
Construction contract_Existing and Proposed Accounting Standards
The slides contained information gathered from accounting standards applicable to construction contract as well as some examples on disclosures by Malaysian companies.
The slides were co-prepared by fellow classmates, whose name appears in the 1st slide.
Negotiated contracts
CONTRACTS, CONTAINING INFORMATION REGARDING NEGOTIATED CONTRACTS WITH ITS TYPES AND INCLUDING PICTURES RELATED WITH TOPICS, COST PLUS PERCENTAGE RATE CONTRACT, MERITS OF THE CONTRACT, DEMERITS OF CONTRACTS, DESCRIPTION ABOUT TTYPES OF NEGOTIATED CONTRACTS, TOPIC IS LINKED WITH CONSTRUCTION AND PLANNING MANAGAGMENT
Construction contract
This document discusses IAS 11, which provides accounting standards for construction contracts. It defines key terms like construction contract and outlines the objectives of recognizing revenue and expenses over the duration of a contract based on the percentage of completion. It also addresses how to account for expected losses and incomplete contracts, and notes some differences between IAS 11, US GAAP, and UK GAAP standards. Contract accounts are used to track costs, revenue, and progress payments for construction projects.
Lecture 3.pptx
Here are the answers to the questions:
1. Under lump-sum contracts, the contractor receives payment of the total contract amount upon completion of all work. Under unit price contracts, the contractor is paid based on the actual quantities of each item of work completed at the unit rates specified in the contract.
2. It would be advisable to use a combination of lump-sum and unit price methods when some portions of the work can be definitively pre-estimated and lump summed, while other portions contain uncertainties and are better estimated as unit rates.
3. a) Sewer system - Unit price as quantities are difficult to predetermine and can vary.
b) Small residence - Lump sum as scope is well
Ias11
The document discusses International Accounting Standard 11 (IAS 11) which provides guidance on accounting for construction contracts. IAS 11 addresses how to recognize revenue and expenses over time for long-term construction projects. It requires using the percentage of completion method to recognize revenue and profit as a project progresses, unless the outcome cannot be reliably estimated, in which case equal amounts of revenue and expense are recognized. The standard also provides guidance on combining and segmenting contracts, measuring contract revenue and costs, and disclosures required in financial statements.
contracts-unit 3.ppt
The document discusses various types of construction contracts including lump sum, item rate, cost plus, and other common contract types. It provides details on key elements that define each type of contract such as payment structure, risk allocation, flexibility for changes, and incentives for contractor performance. Common terms are also defined, such as contractor, tendering process, and contract agreement components.
civil engineering-Contracts
The document discusses various types of construction contracts. It describes lump sum contracts, item rate contracts, labour contracts, and cost reimbursement contracts. It provides details on how each contract type works, including payment structures, risk allocation, and suitable applications for different contract types. Key factors like flexibility, incentives, and risk allocation are considered when choosing the appropriate construction contract.
Construction contract
The document discusses various types of construction contracts including: lump sum contracts where the owner pays a specified amount upon completion; cost plus contracts where the owner pays the contractor's documented costs plus an additional fee; and integrated contracts where a single contractor is responsible for design and construction like design-build or turnkey contracts. Management contracts involve appointing a contractor to coordinate other subcontractors. Measurable and item rate contracts establish payment based on physical measurements or rates for units of work.
Types of contract
Contracts provide a legally-enforceable framework for guiding any and every type of business relationship, from employment agreements to orders for parts and supplies. While these agreements are key to guiding business relationships and ventures across all sectors, getting contracts right is especially important within construction, where the ability to complete a build on time, on budget and to code hinges upon all vendor arrangements going as expected. From the builder’s perspective, contracts are also important for preventing scope creep and to reducing the risk of cost overruns they may unexpectedly have to absorb.
Construction management contracts encompass the work and/or materials required for a building project. Typically, they will address:
1)Project/deliverable specifications
2)Labor and material requirements
3)Timelines for completion/delivery
4)Compensation formula and amounts
While construction management agreements will typically include the above, they can be structured differently, with numerous types of contracts that are designed to best meet the needs of all parties under all sorts of different scenarios. Familiarizing yourself with the types of contracts that are typically in play within building projects is an important first step to optimizing all contract-related processes within construction management.
Cfr ias 11 construction contract presentation by MOHSIN MUMTAZ
This document discusses accounting standards and concepts related to construction contracts. It defines key terms like contractee, contractor, tender price, contract price, work completed, work certified, and work uncertified. It explains how to calculate profit or loss on completed and uncompleted contracts. It discusses recognizing contract revenue and expenses over time based on the percentage of completion method. Disclosure requirements are also outlined. The objective is to match revenue with related costs in the proper periods for construction projects that may span multiple accounting periods.
Types and forms of contracts
This document discusses various types of construction contracts. It describes direct employment, where the owner hires an organization to be responsible for construction. It also discusses fixed-price contracts like lump sums and unit prices, where the contractor agrees to a fixed total price or unit rates. Cost-plus contracts shift risks to the owner by paying the contractor's actual costs plus a percentage fee, without incentives for the contractor to control costs. Other contract types like target estimates and guaranteed maximum costs aim to balance risks between the owner and contractor.
Chapter-2 Construction Contract. Subject code:3160614ptx
This document describes 12 types of construction contracts: item rate, percentage rate, lump sum, all in, labor, materials supply, piece work, cost plus percentage rate, cost plus fixed fee, cost plus sliding fee, target, and BOT. Each type is defined, with item rate, percentage rate, and lump sum contracts explained in further detail regarding their advantages, disadvantages, and key aspects.
ACH 231 Lecture 07 (Contract Documents) Part 3
The document discusses various types of construction contracts and agreements, including the American Institute of Architects (AIA) family of documents. It describes the key components of construction contracts, including owner-contractor agreements like the A101 form. It also explains different methods of contractor compensation such as lump sum, cost-plus-fee, guaranteed maximum price, and unit price contracts. Finally, it provides an overview of the general structure and purpose of the widely-used A201 General Conditions of the Contract form.
Revenue Recognition for Contractors - NECA NOW Conference
A copy of the revenue recognition for Contractors presentation given at the NECA NOW Conference in April 2013.
Presentation on as 7 and 9
The document discusses Accounting Standards 7 and 9 issued by the Institute of Chartered Accountants of India (ICAI).
AS 7 covers accounting for construction contracts and defines a construction contract as one specifically negotiated for building an asset or set of interrelated assets. It provides guidance on revenue and cost recognition for construction contracts over multiple years using percentage of completion or completed contract methods.
AS 9 covers revenue recognition. It defines revenue and sets out conditions for revenue recognition from sale of goods, rendering of services, and income from interest, royalties and dividends. Revenue is recognized when risks and rewards of ownership are transferred for goods or when services are fully or substantially rendered.
Revenue Recognition PowerPoint
The document discusses the key aspects of the new revenue recognition standard and its potential impacts on the construction industry. It provides an overview of the standard, including the five-step process for recognizing revenue: 1) identify contracts with customers, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue when obligations are satisfied. It notes that while the approach will be different, revenue may be similar to percentage-of-completion. It also addresses contract modifications, variable consideration, and time value of money.
Key Components of Cost Estimation in construction
Some of what i studied as part of my cost estimation course.
It contains a description of cost estimation with respect to civil engineering.
Contracts Management
This document discusses the tendering process for construction projects. It covers the key elements of a tender including the tender notice, documents, forms, earnest money, security deposits, evaluation criteria. It also summarizes different types of construction contracts like item rate, lump sum, percentage rate contracts and their merits and demerits. Finally, it discusses important conditions of contracts and arbitration process.
CE-CONTRACTS-REPORT.pdf
This document discusses various types of engineering contracts and their key terms and conditions. It begins by outlining the four main functions of engineering contracts: scope of work, period of performance, payment, and termination. It then describes different types of civil engineering contracts such as item rate, percentage rate, and lump sum contracts. Finally, it lists important contract terms and conditions like security deposits, compensation for delays, extensions, completion certificates, and measurements and payments.
Similar to Ind as 11 (20)
ICDS III, IV and Draft ICDS on Real Estate Transaction
ICDS III, IV and Draft ICDS on Real Estate Transaction
Construction contract_Existing and Proposed Accounting Standards
Construction contract_Existing and Proposed Accounting Standards
Cfr ias 11 construction contract presentation by MOHSIN MUMTAZ
Cfr ias 11 construction contract presentation by MOHSIN MUMTAZ
Chapter-2 Construction Contract. Subject code:3160614ptx
Chapter-2 Construction Contract. Subject code:3160614ptx
Revenue Recognition for Contractors - NECA NOW Conference
Revenue Recognition for Contractors - NECA NOW Conference
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学校原件一模一样【微信：741003700 】《(SU毕业证书)美国雪城大学毕业证成绩单》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
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三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
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◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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一比一原版(Lincoln毕业证)新西兰林肯大学毕业证如何办理
Lincoln硕士毕业证成绩单【微信95270640】办理新西兰林肯大学毕业证原版一模一样、Lincoln毕业证制作【Q微信95270640】《新西兰林肯大学毕业证购买流程》《Lincoln成绩单制作》新西兰林肯大学毕业证书Lincoln毕业证文凭新西兰林肯大学
本科毕业证书,学历学位认证如何办理【留学国外学位学历认证、毕业证、成绩单、大学Offer、雅思托福代考、语言证书、学生卡、高仿教育部认证等一切高仿或者真实可查认证服务】代办国外（海外）英国、加拿大、美国、新西兰、澳大利亚、新西兰等国外各大学毕业证、文凭学历证书、成绩单、学历学位认证真实可查。
[留学文凭学历认证(留信认证使馆认证)新西兰林肯大学毕业证成绩单毕业证证书大学Offer请假条成绩单语言证书国际回国人员证明高仿教育部认证申请学校等一切高仿或者真实可查认证服务。
多年留学服务公司,拥有海外样板无数能完美1:1还原海外各国大学degreeDiplomaTranscripts等毕业材料。海外大学毕业材料都有哪些工艺呢？工艺难度主要由：烫金.钢印.底纹.水印.防伪光标.热敏防伪等等组成。而且我们每天都在更新海外文凭的样板以求所有同学都能享受到完美的品质服务。
国外毕业证学位证成绩单办理方法：
1客户提供办理新西兰林肯大学新西兰林肯大学毕业证学位证信息：姓名生日专业学位毕业时间等（如信息不确定可以咨询顾问：我们有专业老师帮你查询）；
2开始安排制作毕业证成绩单电子图；
3毕业证成绩单电子版做好以后发送给您确认；
4毕业证成绩单电子版您确认信息无误之后安排制作成品；
5成品做好拍照或者视频给您确认；
6快递给客户（国内顺丰国外DHLUPS等快读邮寄）
— — — — 我们是挂科和未毕业同学们的福音我们是实体公司精益求精的工艺！ — — — -
一真实留信认证的作用(私企外企荣誉的见证):
1：该专业认证可证明留学生真实留学身份同时对留学生所学专业等级给予评定。
2：国家专业人才认证中心颁发入库证书这个入网证书并且可以归档到地方。
3：凡是获得留信网入网的信息将会逐步更新到个人身份内将在公安部网内查询个人身份证信息后同步读取人才网入库信息。
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本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Lifting the Corporate Veil. Power Point Presentation
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
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Ind as 11
- 2. History Issued December 1983 Revised 2002 Status Mandatory No Exemption Applicability Only on Construction Contracts Not on Real Estate Transaction Note- Ind AS-11 is applicable on Real Estate transaction also.
- 4. Construction Contract Specifically Negotiated for Construction OF An Asset Combination of Asset which are closely interrelated or inter dependent
- 5. Type Of Contract Fixed Price Contract Cost Plus Contract Hybrid Contract
- 6. Combining of Contracts Negotiated as single package. Closely interrelated. Performed concurrently or in a continuous sequence
- 7. Segmenting of Contracts Separate proposal for each asset. Costs and revenues can be identified. Each asset subject to separate negotiation and acceptance
- 8. Additional Asset The asset differs significantly from the original asset The price of asset is independent of original contract Separate
- 9. Contract Revenue Initial amount of revenue agreed Claims Variations in contract work Escalation Clause Incentive payments Penalties AS-7 = Full value of consideration received or receivable Ind AS-11 Revenue =Fair value of consideration received or receivable
- 10. Contract Cost • Site labor cost • Cost of material • Depreciation of plant & equipment • Cost of hiring plant & equipment • Transportation charges • Expected warranty cost • Cost of design & technical assistance • Claims from third parties Cost Directly Related To the Contract • Insurance • Cost of design & technical assistance not directly related to the contract • Construction overheads Cost Allocated to contract • Selling costs • Research & development costs for which reimbursement not specified • General administration cost for which reimbursement not specified • Depreciation of idle plant & machinery But Exclude
- 11. Recognition (Revenue or Cost) Outcome can be estimated reliably Degree of completion Basis outcome cannot be estimated reliably Contract revenue =current cost incurred of which recovery is probable. In Both the cases probable/ expected loss should be provide for.
- 12. When the outcome of the contract can be reliable measured ? • Probable that economic benefit will flow to the enterprise. • Estimated cost of contract can be measured so that it can be compared with the cost incurred. Cost Plus Contract, • Contract revenue can be measured reliably. • Contract cost and stage of completion can be measured reliably, at reporting date. • Probable that economic benefit will flow to the enterprise. • Estimated cost of contract can be measured so that it can be compared with the cost incurred. Fixed Price Contract
- 13. Degree of completion Percentage Completion Cost Basis Time basis Survey Physical Proportion
- 14. Service Concession Arrangements-Ind AS11 • Grantor • Operator • General Public Three Parties • Operator is responsible for operation and management of infrastructure. • Contract set the price and regulate the future revision. • Operator is obliged to handover the infrastructure to the grantor. Features • What services to be provided. • To whom services should be provided. • At what price it must be provided. Applies only if the grantor control and regulate
- 15. Accounting Treatment Operator’s rights over the infrastructure. Not An Asset Other items provided to the operator by the grantor. Not an asset Recognition and measurement of the consideration. Fair value of the amount received or receivable Treatment of borrowing cost. Capitalized in intangible asset Treatment of Intangible asset. Capitalized at fair value Treatment of financial asset Capitalize at fair value
- 16. Disclosures Revenue Recognized Method to use to determine the Contract Revenue Method for calculating the Degree of Completion Total cost incurred and profit recognized Advances Retentions Gross debtors Progress Billing