Superseded by IFRS 15.
IAS 11 prescribes the contractor’s accounting treatment of revenue and costs associated with construction contracts. Work under a construction contract is usually performed in two or more accounting periods.
Consequently, the primary accounting issue is the allocation of contract revenue and contract costs to the accounting periods in which construction work is performed.
IAS 11 requires:
In April 2001 the International Accounting Standards Board (IASB) adopted IAS 11 Construction Contracts, which had originally been issued by the International Accounting Standards Committee in December 1993. IAS 11 Construction Contracts replaced parts of IAS 11 Accounting for Construction Contracts (issued in March 1979).
This Standard was superseded by IFRS 15 Revenue from Contracts with Customers.