As you all know that IAS11 construction contracts is no more relevant for the construction firms. What is the alternative for IAS11?

IAS11 will replaced by IFRS15 with effective from01 Jan2017 for entities those annual reporting period beginning on or after this date . Even earlier application is permitted but should need to disclose it in the financial. 

IFRS15 Revenue from contracts with Customers applies to all contract except for follwing:-

• IAS17 Leases
• IFRS9 Financial Instruments
• IFRS10 consolidated financial statement
• IFRS11 Joint Arrangements
• IAS27 Separate Financial Statement
• IAS28 Investment in Associate

IFRS15 application is based on Five step model Framework as below

1. Identification of Contract
2. Identify the performance obligation
3. Determine the transaction price
4. Allocation the transaction price to performance obligation
5. Recognize the revenue when the entity satisfies performance obligation. 

IFRS15 Revenue from Contracts with CustomersIFRS15 Revenue from Contracts with Customers

IFRS15 - Revenue from contracts.

IFRS15 Revenue from Contracts with Customers, issued in May2014 and applies to an annual reporting period beginning on or after1 January2017.

ifrs15 ---------------------------------------

Agree with gentlemen IAS15 is the alternative.

IFRS15 Revenue from Contracts with Customers