Coping with construction contracts

Article Abstract:

IAS 11, 'Construction Contracts,' seeks to clarify the disclosure requirements in the allocation of contract income and costs. Negotiated primarily for the construction of an asset or a series of related assets, a construction contract involves a contract activity that begins in one financial period and ends in another. The two types of contracts are the fixed-price and cost-plus contracts. For inclusion under one contract, assets must have interrelated designs, technology, function or future purpose. However, contracts are deemed separate when there are separate proposals and negotiations, as well as identifiable costs and revenues per contract. On the other hand, a group of contracts can be regarded as a single construction contract if they are closely interdependent, negotiated as a single contract, and performed concurrently or in a single sequence.

Reporting & Disclosure, Analysis, Construction, Contracts, Building, Disclosure statements (Accounting)

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ACCA students go international

Article Abstract:

An international stream has been included in the ACCA's examinations for financial and accounting and reporting. This offers an opportunity for ACCA students to obtain a truly international qualification. Starting Dec 1997, examinees will have the option to take accounting examinations based on International Accounting Standards and auditing examinations based on International Standards on Auditing. The affected papers are Paper 1, Accounting Framework - Foundation State, module A; Paper 6, Adult Framework - Certificate Stage, module C; Paper 10, Accounting and Audit Practice - Professional Stage, module E; and Paper 13, Financial Reporting Environment - Professional Stage, module F. Papers 10 and 16 are discussed.

Tests, problems and exercises, Auditing

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When to recognize. How to measure

Article Abstract:

Issues discussed concern accounting practices for recognizing and measuring derivatives and additional financial instruments under IAS 32- Financial Instruments: Disclosure and Presentation and IAS 39- Financial Instruments: Recognition and Measurement. Topics addressed include the measurement of full fair value.

United States, Methods, Accounting and auditing, Derivatives (Financial instruments), Accountants, Financial instruments

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