Real Estate & Construction Webinar Series - Building & Construction: recognition of income

This webinar will focus on the key principles for recognition of revenue for property developments and construction contracts.

In recent years we’ve seen the release of AASB 15 “Revenue from Contracts with Customers” and Tax Ruling 2018/3 “Tax treatment of long term construction contracts” (formerly IT 2450). Industry participants and their advisors need to understand the impact these may have on the timing and quantum of their revenue each year.

We will discuss:

• AASB 15 – Key issues for Contractors and Property Developers
• Construction Contracts – when is the revenue assessable
• How to apply the Basic Approach vs the Estimated Profits Approach
• When losses are made or projected
• Revenue recognition for property developers

Industry specialists Andrew Newman, Sian Sinclair and Tanya Balasekeran will bring you up to date on what you need to know to meet your obligations around revenue recognition.