ACCT2011 S1 2012 Week 10 Revenue & Construction Contracts 6pp

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1、15/05/2012ACCT2011FinancialAccountingAAccountingforrevenueandconstructioncontractsConceptualmapWeek10TransferoftitleSaleofgoodsRevenueandConstructionContracts118.14-19MeasurementRevenueAASB118Contractrevenue111.11ConstructionRenderservicesStageofcompletionContractcostscontracts118.20-28118

2、.20111.16IncomeAASBAASB111111RecoverableFramework.70111.32FV>CAEstimationSaleofasset111.22Loss111.36RevaluationGainsAASB116,138ΔFVAFSFAAASB13915/05/2012ACCT2011S120124RequiredReadingIncomeandRevenueAASB118.7RevenueisthegrossinflowofeconomicbenefitsduringtheperiodHPHChs.16&21Section16.3.2R

3、evenuepp.512-517andSection21.2arisinginthecourseoftheordinaryactivitiesofanentitywhenthoseinflowsConstructioncontractspp.705-716exclude21.2.3resultinincreasesinequity,otherthanincreasesrelatingtocontributionsfromAASB101PresentationofFinancialStatementsParagraphs54-56,66,69,77,equitypartic

4、ipants.81-2,84-5,97-9,117,122,125Framework.70(a)IncomeisincreasesineconomicbenefitsduringtheaccountingAASB111ConstructionContractsperiodintheformofinflowsorenhancementsofassetsordecreasesofliabilitiesIAS11IAS11CttConstructiiCttonContractsIllttiIllustrativeExamplesthatresultinincreasesine

5、quity,otherthanthoserelatingtocontributionsfromequityparticipants.AASB118RevenueexcludeInterest,RoyaltiesandDividendsparagraphs29-34andIllustrativeExample20Framework.74Thedefinitionofincomeencompassesbothrevenueandgains.Revenuearisesinthecourseoftheordinaryactivitiesofanentityandisreferre

6、dWatpacLimited2011AnnualReport,pp.91-95,Note2(d),p.96,Note3(f)(ii),tobyavarietyofdifferentnamesincludingsales,fees,interest,dividends,p.99,Note3(k),p.102,Note4,p.106,Note12,p.110,Note13,p.111royaltiesandrent.15/05/2012ACCT2011S12012215/05/2012ACCT2011S120125LectureObjectivesIncomeandReven

7、ueToexplaintheconceptsofrevenueandincomeasdefinedintheStandardsIncomeincludesbothrevenueandgainsandtheFrameworkRevenuearisesinthecourseofanentity’sordinaryactivitiesTodescribegenerallytheaccountingforrevenuefromsaleofgoodsandrenderingofservicesinaccordancew