Rozliczanie długoterminowych umów budowlanych w świetle MSSF, US GAAP oraz polskiego prawa bilansowego – analiza porównawcza
Accounting for long-term construction contracts in the light of IFRS, US GAAP and Polish accounting law: a comparative analysis

Summary/Abstract: Long-term construction contracts present a difficult financial reporting problem primarily because of the large amounts that they involve and their relatively long duration. They usually span more than one accounting period, sometimes beginning and ending several years apart. The paper presents long-term construction contracts calculation and settlement by International Financial Reporting Standards (IFRS), US GAAP and Polish Accounting Act. The problem of long-term contracts’ role in entity’s restructuring process is discussed in an introductory part of the paper. Next, revenues and costs recognition as well as two methods of contract’s income calculation, i.e. percentage- of-completion method and completed-contract method, are presented according to IFRS and US GAAP and Polish Accounting Act. The final conclusion of the paper is that there are no fundamental differences in approaches represented by both accounting and financial reporting systems.

• Details
• Contents