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(a) Where a contract is in progress, but not completed at the year end, providing the outcome can be reliably measured IAS 11 requires revenue, cost and profit to be measured on an accruals basis. This can be measured in 3 ways: physical proportion completed, proportion of costs versus expected total costs or proportion of revenue certified as earned versus total revenue. Use of an accruals approach is consistent with the principle in Chapter 1 of the Conceptual Framework for Financial Reporting ('The objective of general purpose financial reporting') that financial performance is better reflected by accrual accounting.
There are those that argue that three methods of profit recognition allow a company too much
flexibility in manipulation of profits, while others view it as necessary due to different industry
practices and the difficulty of measuring figures such as work certified reliably in some industries.
Where a contract is loss making, IAS 11 requires the whole loss to be recognised immediately. This no longer applies the accruals concept, but is a prudent approach and is consistent with the treatment of onerous contracts under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
Where the outcome of a contract cannot be reliably measured at the year end, eg because it has only recently begun or costs and revenues may fluctuate substantially. IAS 11 allows revenue to be recognised only to the extent of costs incurred expected to be recovered, i.e. zero profit until the outcome can be estimated reliably. This combines an accruals approach of recognising costs and revenue as the contract progresses with a prudent approach of not recognising profit until the outcome can be measured reliably.
One final and important point to note is that IAS 11 is a profit and loss driven standard. The revenue,cost and profit figures are calculated and the amounts shown in the statement of financial position depend on these figures. This is inconsistent with the Conceptual Framework definitions of income and expenses, which are defined as changed in assets and liabilities and is therefore an area the IASB will need to look to resolve in the future, not just for this standard, but also for other elements of revenue recognition under IAS 18 Revenue.