AASB 111 - Construction Contracts - July 2004
Comparison with IAS 11Comparison with IAS 11
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Comparison with IAS 11
AASB 111 and IAS 11
AASB 111 Construction Contracts as amended incorporates IAS 11 Construction Contracts as issued and amended by the International Accounting Standards Board (IASB). Paragraphs that have been added to this Standard (and do not appear in the text of IAS 11) are identified with the prefix “Aus”, followed by the number of the relevant IASB paragraph and decimal numbering.
Compliance with IAS 11
Entities that comply with AASB 111 as amended will simultaneously be in compliance with IAS 11 as amended, with the exception of entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.