CONTENTS

COMPILATION DETAILS

Comparison With IAS 11

Accounting Standard

AASB 111 Construction Contracts

Paragraphs

Objective

Application Aus1.1 – Aus1.7

Reduced Disclosure Requirements Aus1.8 – Aus1.9

Scope 1

Definitions 3 – 6

Combining and Segmenting Construction Contracts 7 – 10

Contract Revenue 11 – 15

Contract Costs 16 – 21

Recognition of Contract Revenue and Expenses 22 – 35

Recognition of Expected Losses 36 – 37

Changes in Estimates 38

Disclosure 39 – 45

Australian Guidance Page 13

DELETED IAS 11 TEXT Page 14

APPENDIX: ILLUSTRATIVE EXAMPLES FOR IAS 11
(available on the AASB website)

Australian Accounting Standard AASB 111 Construction Contracts (as amended) is set out in paragraphs Aus1.1 – 45. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 111 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the UIG Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.