ACCAF七IAS二Inventories幻灯片.pptVIP

Contract revenue The initial amount of revenue agreed in the contract, and Variations in contract work, claims and incentive payment, to the extent that it is probable they will result in revenue and are capable of being reliably measured. F7 * Continued A variation an instruction by the customer for a change in the scope of the work to be performed under the contract, such as the specifications or design of the asset, and the duration of the contract. may lead to an increase or a decrease in contract revenue. A variations is included in contract revenue when it is probable that the customer will approve the variation and the amount of revenue arising from the variation; and the amount of revenue can be reliably measured. F7 * Continued A claim an amount that the contractor seeks to collect from the customer or another party as reimbursement for costs not included in the contract price. may arise from, for example, customer caused delay, errors in specifications or design, and disputed variations in contract work. A claim is only included in contract revenue when negotiations have reached an advanced stage such that it is probable the customer will accept the claim; and the amount that it is probable will be accepted by the customer can be reliably measured. F7 * Continued Incentive payments are additional amounts paid to the contractor if specified performance standards are met or exceeded. for example, a contract may allow for an incentive payment to the contractor for early completion of the contract. Incentive payments are included in contract revenue when the contract is sufficiently advanced that it is probable that the specified performance standards will be met or exceeded; and the amount of the incentive payment can be reliably measured. F7 * Continued The amount of contract revenue may increase or decrease from one period to the next. + increase in the number of units + cost escalation clauses +/- variations