About

Revenue recognition for construction contracts has changed. The traditional percentage-of-completion approach is not necessarily the approach required by AASB 15—and applying the old methodology can result in materially misstated revenue and profit.

Construction contracts remain among the most judgment-intensive areas of financial reporting. Determining whether revenue is recognised over time, measuring progress, estimating costs to complete and accounting for variations, claims and uninstalled materials all create significant risks of material misstatement.

Uninstalled materials can distort reported margins. Variable consideration may be recognised before it is sufficiently certain. Forecast costs may be incomplete or optimistic. Contract modifications, delays, disputes and loss-making contracts may also be identified too late.

This practical 90-minute webinar explains how AASB 15 applies to construction contracts, where the accounting commonly goes wrong and how auditors should respond.

What You’ll Learn:

• Why percentage of completion is no longer the complete answer
• When construction revenue qualifies for recognition over time
• How to select and apply an appropriate measure of progress
• How uninstalled materials affect revenue and reported margins
• How to assess variable consideration and the reversal constraint
• How to account for variations, claims and contract modifications
• How to challenge costs-to-complete and margin forecasts
• How to identify loss-making contracts and impairment issues
• Where management bias and manipulation may arise
• How auditors should respond to the principal risks of material misstatement

Who Should Attend:

• Financial controllers and finance managers
• Construction-industry accountants
• Chief financial officers
• Financial statement preparers
• Audit engagement partners
• Audit managers, supervisors and seniors
• Technical accounting and audit personnel
• Anyone responsible for construction-contract accounting or audit

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