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Does IAS 36 apply to WIP in construction contracts?

asked Mar 14, 2013 in IAS 36 - Impairment of Assets by anonymous
retagged Apr 24, 2013 by Visio

Does IAS 36 apply to Work in progress in construction contracts? or are they treated differently?

wip
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answered Mar 29, 2013 by anonymous

No IAS 36 does not apply to assets arising from construction contracts. It has to be in line with IAS 11 — Construction Contracts.

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