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IAS Plus newsletter — IFRIC 15 'Accounting for Agreements for the Construction of Real Estate'

Published on: 04 Jul 2008

On 3 July 2008, the International Financial Reporting Interpretations Committee (IFRIC) issued IFRIC 15 Agreements for the Construction of Real Estate. The Interpretation addresses the accounting for revenue and associated expenses by entities that undertake the construction of real estate directly or through subcontractors. Agreements within the scope of IFRIC 15 are described as ‘agreements for the construction of real estate’, and may include the delivery of other goods or services.

IFRIC 15 addresses two (related) issues:

  • determining whether an agreement for the construction of real estate is within the scope of IAS 11 Construction Contracts or IAS 18 Revenue
  • when revenue from the construction of real estate should be recognised.

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