Accounting for Construction Contracts

[kmeechin]

The "Accounting for construction contracts" is an international accounting standard(i.e. IAS11). In Malaysia, does this standard apply to SME's construction company as well? If a contract that only take one to six month(s) to complete, does this contract apply to IAS11?

[Muhammad Ahmad]

Applicability of IAS depends upon the relevent laws & legisilation of that contary. The IAS 11 will be applicable to all contracts irrespactive of the period of agreement.