Question

This is a variation of the Problem 5-5 modified to focus on IFRS.
In problem 5-5, In 2011, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2013. Information related to the contract is as follows:


Westgate uses the percentage-of-completion method of accounting for long-term construction contracts.

Required:
Complete the requirements of Problem 5-5 assuming that Westgate Construction reports under IFRS and concludes that the percentage-of-completion method is notappropriate.


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  • CreatedJune 24, 2013
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