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IAS/IFRS 11 is for construction contracts.

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تم إضافة السؤال من قبل Mohammad Ashfaq , Financial Controller , Union COOP
تاريخ النشر: 2013/05/05
Bahaa Mohammed Ibrahim ALy
من قبل Bahaa Mohammed Ibrahim ALy , Auditor Assistant , IN EGYPT

IAS 11 for construction contracts.but IFRS 11 for Joint Arrangement

Muhammad Asif Jajja
من قبل Muhammad Asif Jajja , Accountant , Pakistan Veterinary Medical Council

IAS International accounting standards was a group of standards or principles that states how to enter a transaction in the financial statements.
These standards have been issued from1973 to2001 by the International Accounting Standards Committee (IASC).
The responsibility of IASC for setting standards was taken over by the IASB in2011.
Till then the IAS has issued41 standards.while International Accounting Standards Board (IASB) decided to adopt the current standards even though these standards required some revisions, when they took over IASC’s responsibilities.
IASF were going to call them International Financial Reporting Standards (IFRS) for the future standards which were going to be issued by them.
The need to update and make the current standards and concepts more perfect to imitate the changes in the common business, economical environment and financial markets gave rise to IFRS.
Further "IAS11" is for construction contracts however "IFRS11" is for Joint Arrangement

IAS11 is construction contracts..
IFRS11 is joint arrangements..
Ias11 has some link with IAS18 revenue, where as IFRS11 has a link with IAS28 in case of investment in associates

Hassan Abbas awan
من قبل Hassan Abbas awan , Senior Accountant , Green Valley premium hyper maket

IAS11 of Construction contact but IFRS11 is joint agreements

SALIK RAFIQUE
من قبل SALIK RAFIQUE , Lecturer , PAC Group of Colleges

IAS11 Construction Contract

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