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This video tutorial addresses accounting for construction contracts, focusing on the timing of revenue and expense recognition. Major projects like Wembley Stadium and the Sydney Opera House can take years to complete, leading to challenges in determining profit and its timing. Without a standard like IAS 11, companies might inaccurately record all revenues and expenses in either the project's first or final year, or even spread them throughout its duration. IAS 11 provides guidance based on the reliability of measuring the stage of completion of a contract. If the completion stage can be reliably assessed, companies should recognize revenue based on the percentage of completion according to paragraph 22.
