Explain the rationale behind the prohibition of the completed-contract method for valuing construction contracts by IAS 11
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GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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IAS 11 assumes that management can always make a judgement on contract costs e...View the full answer
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Related Book For 
International Financial Reporting and Analysis
ISBN: 978-1408075012
5th edition
Authors: David Alexander, Anne Britton, Ann Jorissen
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