Reminder about upcoming comment deadline

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04 Oct 2007

We remind you that the deadline is Friday, 5 October 2007, for responding to IFRIC Draft Interpretation D21 – Real Estate Sales.

IFRIC D21 addresses accounting by real estate developers for sales of units, such as apartments or houses, 'off plan', that is, before construction is complete. At present, some real estate developers record revenue only when they have handed over the completed unit to the buyer, while others record revenue earlier, as construction progresses, by reference to the stage of completion of the development. IFRIC D21 proposes that revenue should be recorded as construction progresses only if the developer is providing construction services, rather than selling goods (completed real estate units). It proposes features that indicate that the seller is providing construction services. In many countries, these features tend currently not to be present in typical off plan sale agreements.

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Correction list for hyphenation

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