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One of our construction projects is sure to end with a loss however as per Engineers' judgement but it is not possible to determine how much the loss would be. Should I recognize a loss or not in my books as per IAS 11?
in IAS 11 - Construction Contracts by
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You should immediately recognize the expected loss in your books as per IAS 11- construction contracts.[Ref. IAS 11.22 and 11.36]. Your engineers will have to make an estimate of the loss whether such estimate reliable or not.
by Level 2 Member (3.4k points)