Under IFRS 15, what is the net income/(loss) to be reported by the company for the years ended December 31, 2017 and 2018?A. 30M and (15M)B. 50M and (10M)C. 60M and (15M)D. 40M and (15M) On January 1, 2017, Build Company entered intooilaconstruction contract withanownertobuildanrefinery.Thecontracthasthefollowingcharacteristics;theoilrefineryishighlycustomized totheowner'sspecifications and changes to these specifications by the owner are expectedThe oil refinery does not have an alternative use toNon-refundable, interim progress payments are required ascan cancel the contract at anytime (with a termination penalty); any work in process is the property of theAs a result, another entity would not need to re-perform the tasksover the contract term.the contractor.a.mechanism tofinance the contract.The ownerowner.performedcompletion of the contract.single performance obligationevidences suggests thattodate.PhysicalpossessionandtitledonotpassuntilThe contractor determines that the contract hasato build therefinery.The majority ofthe contractor's performance creates anis being transferredassetsthatthecustomercontrolsand controlovertime.Buildconcludes that input method (cost to cost method) instead of output method isreasonable method for measuring the progress toward satisfying itsa moreperformance obligation.duration is 3 years withestimated contractcost as of December 31, 2017 is P200M.includingrepresent/depict theThecontracttotalrevenueofP300M.The total estimated contractTheCostincurredduringyear2017as120MP20Mrelatedtocontractor-caused inefficiencies which donottransferof goods orservicestothe customer.As of December 31,2018, the totalestimatedcontractcostbecomes250Mduetoincreaseincostofrawmaterials.contractor-caused inefficiencies which doThe cost incurred during 2018 is P105M including P5M related tonot represent/depict thetransferof goods or services to the customer.Under IFRS 15, what isthe net income/(loss)for the years ended December 31, 2017 and 2018?to be reported by the company

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Description: Under IFRS 15, what is the net income/(loss) to be reported by the company for the years ended December 31, 2017 and 2018?A. 30M and (15M)B. 50M and (10M)C. 60M and (15M)D. 40M and (15M) On January 1, 2017, Build Company entered intooilaconstruction

Percentage of completion Cost Incurred in 2017 & 2018 (excluding inefficiencies) = 100 million…

Answered: nder IFRS 15, what is the net…

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nder IFRS 15, what is the net income/(loss) to be reported by the company for the years ended December 31, 2017 and 2018? A. 30M and (15M) B. 50M and (10M) C. 60M and (15M) D. 40M and (

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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