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of <h1>Construction contract accounting: revenue, costs, stage-of-completion profit rules, loss recognition, and customer advances/retentions disclosures</h1> Prescribes accounting treatment for construction contracts in contractors' financial statements by defining construction contracts (including related services, demolition and restoration) and classifying them as fixed price or cost plus, with rules for combining or segmenting contracts to reflect substance; this determines the unit of account for recognition and measurement. Specifies contract revenue components (including variations, claims and incentives only when probable and reliably measurable) and contract cost components, allocation principles, and exclusions; this governs measurement of contract margin. Requires revenue and costs to be recognised by reference to stage of completion when outcomes are reliably estimable, otherwise revenue is capped at recoverable costs and no profit is recognised; expected losses are expensed immediately. Mandates specified disclosures and balance sheet presentation of amounts due from/to customers, advances and retentions.
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