Question：Evans Co accepted a major contract worth in total $1,900,000 on 18 January 20X8. By the end of the financial year on 31 March 20X8, the contract was 30% completed, and the company is confident that its obligations will be entirely fulfilled by December 20X8. If, however, the contract is not fully discharged by 31 March 20X9, the company will face a 20% penalty.
What entry should be made in Evans Co’s statement of profit or loss in respect of revenue for the year ended 31 March 20X8?
A. $456,000.
B. Nil, because IAS 11 only allows accrued turnover to be recorded for long term contracts.
C. $570,000.
D. Nil, due to uncertainty as to outcome.
The correct answer is:$570,000.
解析：Where the outcome of the contract can be assessed with “reasonable certainty”, IAS 11 allows a proportion of the turnover and profit to be recorded while the contract is in progress: $1,900,000 x 30% = $570,000.
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