Get Sri Lanka Accounting Standard -lkas 11

This guide provides detailed instructions on how to fill out the Sri Lanka Accounting Standard -LKAS 11, which pertains to construction contracts. By following the steps outlined, users will learn how to navigate and complete the form effectively.

Follow the steps to complete the LKAS 11 form accurately.

1. Click ‘Get Form’ button to access the LKAS 11 document and open it in the online editor.
2. Begin by reviewing the objective of the LKAS 11. This section outlines the accounting treatment of revenue and costs for construction contracts. Understanding this will help you accurately report the relevant data.
3. Move on to the Scope section to clarify which contracts fall under LKAS 11. Ensure that you confirm whether your contracts are applicable as per the definitions provided.
4. In the Definitions section, familiarize yourself with key terms such as 'construction contract', 'fixed price contract', and 'cost plus contract'. Define these terms as you prepare to fill out the relevant fields in the form.
5. Proceed to enter your Contract Revenue details. This includes the initial revenue amount agreed in the contracts as well as any variations, claims, or incentive payments that may affect the total revenue.
6. Next, fill out the Contract Costs section. Outline all costs directly associated with the contract, including site labor costs, materials, and any additional costs that are specified as chargeable under the contract terms.
7. Address the Recognition of Contract Revenue and Expenses section. Here, determine the stage of completion of your contracts and apply the percentage of completion method to account for revenue and expenses over accounting periods.
8. Lastly, review your entries and save any changes. You can choose to download, print, or share the completed LKAS 11 form, ensuring you keep copies for your records.

Complete your LKAS 11 documentation online to ensure compliance and accurate financial reporting.