Articles tagged with: WORK IN PROGRESS
What is the accounting treatment of capital work in progress for the period before commissioning under the following two scenarios?
1. The assets are finance from the company’s internal sources.
2. The assets are financed by the govt in form of a grant from an international financial institution.
Kind refer to the applicable IAS/IFRS.
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An Org. is into construction of building and renting to tenants for offices as considered as PPE due to other revenue significant.
Building under construction remain in CWIP. Now at the year end what if contractor has not submitted payment certificate up to year end and on sending confirmation to him, there is difference in balance
Do we need to account CWIP and LIABILITY without having payment certificate for value of work done up to 31.12.08.
There wont be any impact on Dep due to CWIP.
What if building is capitalised in 2008 …