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IFRIC 15 Agreements for the Construction of Real Estate

Published July 2008. Effective 1 January 2009 (1 January 2010 for EU preparers). Withdrawn for periods starting on or after 1 January 2018 when IFRIC 15 is superseded by IFRS 15 Revenue from Contracts with Customers.

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IFRIC 15 addresses how real estate developers should recognise revenue for the sale of units, such as flats or houses, before construction is complete.

In particular it provides guidance as to whether IAS 18 or IAS 11 should apply.

IAS 11 applies if the buyer is able to specify the major structural elements of the design of the property before construction begins and specify structural changes once construction has commenced. Otherwise, IAS 18 applies.

Where IAS 11 applies, revenue is recognised according to the stage of completion of the property.

Where IAS 18 applies, it must be determined whether the contract is for the sale of services or goods, and revenue is recognised accordingly.

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Annual period starts Effective version of standard Notes on amendments
1 January 2016 – 31 December 2017 IFRIC 15 2017 Required Standards -