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“IAS 11 Construction Contracts requires reporting entities to recognise revenue and costs of a construction contract in proportion to the stage of completion of the contract activity. On the other hand IAS 38 allows reporting entities to defer Development Expenditure.”
Explain clearly the conditions for revenue and costs of a construction contract to be recognised and the expenditure of a development project to be deferred in accordance with IAS 11 and IAS 38 respectively. What are the main practical problems relating to the implementation of the above two standards?
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