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in the last video we looked at long-term contracts and essentially how to recognize revenue depending on whether were using IFRS standards or private enterprise gap and the some of the methods that we went over were the percentage of completion method which is the basis for this tutorial cost recovery method and completed contracts so um if you havent got general idea as to what these different methods are you might just want to go back on video and watch that but in this video were going to be just talking simply about the percentage of completion method go through a problem and kind of deconstruct how to figure out how much revenue to recognize and how much gross profit to recognize so Ive talked a lot so lets get to actually solving this problem so on the left hand side Ive got this Condit that Ive drawn with a nice little grown-up on top and a balcony kind of boxing it in to make sure tenants dont fall off and we know that were going to be or the contract of the condominiu
