Company IRFS International Financial reporting Standard
While Muli is not able to provide Accounting advice, we do provide guidelines to support your accounting Professionals.
The Australian Accounting Standards Board makes Accounting Standard AASB 111 Construction Contracts under section 334 of the Corporations Act 2001, and subsequent revenue standards.
Having supported many Audits of a wide range of projects some over $ Billion Muli has provided a simple verifiable solution.
The below report is obviously a mock up (Cart show extensive client data)
Highlights how each active project is summarised to on line and grouped by profit centre.
The two work in progress values form part of the company balance sheet.