MASB7 Construction Contract8

MASB7 Construction Contracts pg8
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MASB Approved Accounting Standards for Private Entities
Example 4 - Accounting and Disclosures

The following data relate to three contracts for two financial years:
Contract price
Year 1:
Costs assigned to contract
Contract A
Contract B
Contract C
Total
RM
RM
RM
RM
15,000
18,000
12,000
-----------
-----------
-----------
========== ========== ========== ==========
2,000
9,000
7,000
(2,000)
(1,000)
-----------
-----------
-----------
2,000
7,000
6,000
10,000
6,000
8.000
-----------
-----------
-----------
12,000
13,000
14,000
-----------
-----------
-----------
Unused materials and costs relating

to future work
Cost incurred to date
Further costs to complete
Estimated total costs
Estimated total profit/(loss)
3,000
5,000
(2,000)
-----------
-----------
-----------
% completion based on survey work
Progress billings to date
15%
50%
40%
-----------
-----------
-----------
1,800
9,800
4,000
-----------
-----------
-----------
2,250
9,000
4,800
16,050
(1,800)
(6,500)
(5,600)
(13,900)
(1,200)
(1,200)
-----------
-----------
-----------
-----------
450
2,500
(2,000)
950
-----------
-----------
-----------
-----------
2,000
1,000
3,000
Profit and loss extract:
Revenue recognised as income
Costs recognised as expense
Future loss on contract
Attributable profit or loss
Balance sheet extract:
Current assets:
Construction materials
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Gross amount due from customer
650
650
300
300
2,000
7,000
6,000
15,000
450
2,500
2,950
(2,000)
(2,000)
-----------
-----------
-----------
-----------
2,450
9,500
4,000
15,950
1,800
9,800
4,000
15,600
-----------
-----------
-----------
-----------
650
650
Current liabilities:
Gross amount due to customer
Notes to the accounts:
Aggregate costs incurred to date
Add: Attributable profit
Less: Recognised loss
Less: Progress billings
Amount due from customer
Amount due to customer
Year 2:
Costs assigned to contract
(300)
(300)
-----------
-----------
-----------
-----------
========== ========== ========== ==========
Contract A
Contract B
Contract C
Total
RM
RM
RM
RM
8500
12000
13000
(1,000)
(500)
(2,000)
Unused materials and

costs relating to future work
-----------
-----------
-----------
Costs incurred to date
7,500
11,500
11,000
Further costs to complete
5,000
1,300
2,500
-----------
-----------
-----------
12,500
12,800
13,500
-----------
-----------
-----------
Estimated total costs
Estimated total profit/(loss)
2,500
5,200
1,500
-----------
-----------
-----------
%completion based on survey work
Progress billings to date
55%
85%
80%
-----------
-----------
-----------
7,500
16,000
9,600
-----------
-----------
-----------
8,250
15,300
9,600
Profit and loss extract:
Revenue to date
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Revenue recognised in prior year
Revenue for the current year
Costs as expense to date
Costs recognised in prior year
Future loss on contract
(2,250)
(9,000)
(4,800)
-----------
-----------
----------
6,000
6,300
4,800
-----------
-----------
-----------
6,875
10,880
10,800
(1,800)
(6,500)
(6,800)
300
-----------
-----------
-----------
17,100
Costs as expense for the current

year
Profit for the year
5,075
4,380
4,300
13,755
-----------
-----------
-----------
-----------
925
1,920
500
3,345
-----------
-----------
-----------
-----------
Construction materials
1,000
500
2,000
3,500
Gross amount due from customer
1,375
1,375
80
100
180
Aggregate costs incurred to date
7,500
11,500
11,000
30,000
Add: Attributable profits
1,375
4,420
5,795
Less: Recognised loss
1,500
1,500
-----------
-----------
-----------
-----------
8,875
15,920
9,500
34,295
7,500
16,000
9,600
33,100
-----------
-----------
-----------
-----------
1,375
1,375
Balance sheet extract:
Current assets:
Current liabilities:
Gross amount due to customer
Notes to the accounts:
Less: Progress billings
Amount due from customer
Amount due to customer
80
100
180
-----------
-----------
-----------
-----------
Page | 1 2 3 4 5 6 7 8
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20/10/2010 5:14 PM
Malaysian Accounting Standards Board

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MASB7 Construction Contract8

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MASB7 Construction Contracts pg8

MASB Approved Accounting Standards for Private Entities

Example 4 - Accounting and Disclosures

Costs assigned to contract

========== ========== ========== ==========

Unused materials and costs relating

Cost incurred to date

Further costs to complete

Estimated total costs

Estimated total profit/(loss)

% completion based on survey work

Progress billings to date

Profit and loss extract:

Revenue recognised as income

Costs recognised as expense

Future loss on contract

Attributable profit or loss

Balance sheet extract:

MASB7 Construction Contracts pg8

Gross amount due from customer

Gross amount due to customer

Notes to the accounts:

Aggregate costs incurred to date

Add: Attributable profit

Less: Recognised loss

Less: Progress billings

Amount due from customer

Amount due to customer

Costs assigned to contract

========== ========== ========== ==========

Unused materials and

Costs incurred to date

Further costs to complete

Estimated total costs

Estimated total profit/(loss)

%completion based on survey work

Progress billings to date

Profit and loss extract:

MASB7 Construction Contracts pg8

Revenue recognised in prior year

Revenue for the current year

Costs as expense to date

Costs recognised in prior year

Future loss on contract

Costs as expense for the current

Profit for the year

Gross amount due from customer

Aggregate costs incurred to date

Add: Attributable profits

Less: Recognised loss

Balance sheet extract:

Gross amount due to customer

Notes to the accounts:

Less: Progress billings

Amount due from customer

Amount due to customer

MASB7 Construction Contracts pg8

Malaysian Accounting Standards Board

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