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	<title>Commerce &#8211; StudiousGuy</title>
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		<title>IFRS 15 Illustrative Examples</title>
		<link>https://studiousguy.com/ifrs-15-illustrative-examples/</link>
					<comments>https://studiousguy.com/ifrs-15-illustrative-examples/#respond</comments>
		
		<dc:creator><![CDATA[Shukla Sundeep]]></dc:creator>
		<pubDate>Sun, 09 Jun 2024 08:17:50 +0000</pubDate>
				<category><![CDATA[Commerce]]></category>
		<guid isPermaLink="false">https://studiousguy.com/?p=21761</guid>

					<description><![CDATA[IFRS 15 is an International Financial Reporting Standard (IFRS) that was adopted in 2014 and implemented in 2018. IFRS 15 was developed as a joint project of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). The standard is a guide about when and how to recognize revenue from contracts with customers. Before IFRS 15, many standards existed including IAS 18, IAS 11, SIC 31, IFRIC 13, IFRIC 15, and IFRIC 18. IFRS 15: Five-step Revenue Model The IFRS 15 revenue model is discussed in five steps: 1. Identify the contract with a customer A contract ]]></description>
		
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		<title>Revenue Recognition in Construction Examples</title>
		<link>https://studiousguy.com/revenue-recognition-construction-examples/</link>
					<comments>https://studiousguy.com/revenue-recognition-construction-examples/#respond</comments>
		
		<dc:creator><![CDATA[Shukla Sundeep]]></dc:creator>
		<pubDate>Sun, 09 Jun 2024 08:17:50 +0000</pubDate>
				<category><![CDATA[Commerce]]></category>
		<guid isPermaLink="false">https://studiousguy.com/?p=21768</guid>

					<description><![CDATA[Revenue recognition in construction is the reporting of revenue and profits by construction companies in their financial statements. Revenue recognition in construction is a challenging and complex process as construction contracts are mostly long-term and complex. Five Steps of Revenue Recognition According to the Accounting Standards Codification (ASC) 606 and IFRS 15 standards, there are five steps to recognize revenue: 1. Identify the contract with a customer A contract (whether written or oral) with a customer should be legally enforceable and certain criteria should be met, for example, rights to goods or services and payment terms should be clearly defined, ]]></description>
		
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		<title>Accounting for Construction Contract Examples</title>
		<link>https://studiousguy.com/accounting-for-construction-contract-examples/</link>
					<comments>https://studiousguy.com/accounting-for-construction-contract-examples/#respond</comments>
		
		<dc:creator><![CDATA[Shukla Sundeep]]></dc:creator>
		<pubDate>Sun, 09 Jun 2024 08:17:50 +0000</pubDate>
				<category><![CDATA[Commerce]]></category>
		<guid isPermaLink="false">https://studiousguy.com/?p=21777</guid>

					<description><![CDATA[A construction contract is signed between a construction company and a customer for the construction of an asset or combination of assets. Accounting treatment of revenue and costs associated with construction contracts is a challenging and complex process as construction contracts are mostly long-term and complex. Objective The allocation of contract revenue and contract costs to the accounting periods in which construction work is performed is the main objective in accounting for construction contracts. This is because the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting ]]></description>
		
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		<title>Types of Hire Purchase</title>
		<link>https://studiousguy.com/types-of-hire-purchase/</link>
					<comments>https://studiousguy.com/types-of-hire-purchase/#respond</comments>
		
		<dc:creator><![CDATA[Aakanksha]]></dc:creator>
		<pubDate>Thu, 06 Oct 2022 11:16:44 +0000</pubDate>
				<category><![CDATA[Commerce]]></category>
		<guid isPermaLink="false">https://studiousguy.com/?p=19106</guid>

					<description><![CDATA[Hire Purchase refers to an agreement between a buyer and seller for purchasing expensive consumer goods, whereby the buyer takes the custody of goods (without the transfer of ownership) by paying an initial down payment and the rest of the payment is paid in installments over a period of time. A fixed percentage of interest is charged on the balance amount which has to be paid along with the installments. Under such agreements, the ownership of goods is transferred to the buyer only after he pays the final installment. Example of Hire Purchase Mr. Verma wants to purchase new machinery ]]></description>
		
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		<title>Types of Construction Contract</title>
		<link>https://studiousguy.com/construction-contract-types/</link>
					<comments>https://studiousguy.com/construction-contract-types/#respond</comments>
		
		<dc:creator><![CDATA[Shukla Sundeep]]></dc:creator>
		<pubDate>Thu, 29 Sep 2022 09:45:06 +0000</pubDate>
				<category><![CDATA[Commerce]]></category>
		<guid isPermaLink="false">https://studiousguy.com/?p=19063</guid>

					<description><![CDATA[A construction contract is an agreement between two parties, contractor and contracted, which may be mutually or legally binding.  There are mainly three types of construction contracts, fixed price contract, cost plus contract, and hybrid construction contract. Fixed-price contract Construction fixed-price contracts, also known as” lump sum “or “stipulated sum” contracts, are considered the most common construction contracts. As the name suggests, a certain amount is fixed that the contractee has to pay the contractor for a construction project. The fixed-price construction contract gives the advantage of finishing projects under budget, resulting in a sustainable profit. Pros Fixed price contracts ]]></description>
		
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