First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, except for subsequent amendments. Earlier application of Part I was permitted.
Published by the IASB:
Included in Part I of CPA Canada Handbook:
IAS 11 Construction Contracts provides requirements on the allocation of contract revenue and contract costs to accounting periods in which construction work is performed. Contract revenues and expenses are recognized by reference to the stage of completion of contract activity where the outcome of the construction contract can be estimated reliably, otherwise revenue is recognized only to the extent of recoverable contract costs incurred.
The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.
Development
Included in Part I of the CPA Canada Handbook 2
Part I of the CPA Canada Handbook issued
Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IAS 11 will be superseded by IFRS 15 Revenue from Contracts with Customers, which is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
The above summary does not include details of consequential amendments made as the result of other projects.
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