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Ifric 15IFRIC 15
IFRIC Interpretation 15
Agreements for the Construction of Real Estate
IFRIC 15 Agreements for the Construction of Real Estate was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in July 2008. Its effective date is 1 January 2009.
IFRIC INTERPRETATION 15 AGREEMENTS FOR THE CONSTRUCTION OF REAL ESTATE
REFERENCES BACKGROUND SCOPE ISSUES CONSENSUS Determining whether the agreement is within the scope of IAS 11 or IAS 18 Accounting for revenue from the construction of real estate Disclosures AMENDMENT TO THE ILLUSTRATIVE EXAMPLES ACCOMPANYING IAS 18 EFFECTIVE DATE AND TRANSITION 1–3 4–5 6 7–21 10–12 13–19 20–21 22–23 24–25
FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS EDITION INFORMATION NOTE Analysis of a single agreement for the construction of real estate ILLUSTRATIVE EXAMPLES BASIS FOR CONCLUSIONS
IFRIC Interpretation 15 Agreements for the Construction of Real Estate (IFRIC 15) is set out in paragraphs 1–25. IFRIC 15 is accompanied by an information note, illustrative examples and a Basis for Conclusions. The scope and authority of Interpretations are set out in paragraphs 2 and 7–16 of the Preface to International Financial Reporting Standards.
IFRIC Interpretation 15 Agreements for the Construction of Real Estate
• • • • • • • IAS 1 Presentation of Financial Statements (as revised in 2007) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 11 Construction Contracts IAS 18 Revenue IAS 37 Provisions, Contingent Liabilities and Contingent Assets IFRIC 12 Service Concession Arrangements IFRIC 13 Customer Loyalty Programmes
1 In the real estate industry, entities that undertake the construction of real estate, directly or...