Construction Manual

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Garant ' s new online satellite-seminar reviewed ways of producing a financial result for construction contracts in accordance with the requirements of the " Building Contracts Accounting " Regulation (BP 2/2008). The event was conducted by Rais Ivanovna Ryabova, a consultant to the Russian IPB, a tax adviser to rank two. As part of the event, the Lecturer described in detail the scope of the application of PBP 2/2008, as well as the features of its application to small businesses. Special attention was paid to issues related to the interaction of the contractor and the subcontractor, as well as the manner in which transactions, such as work from the client ' s materials and construction risk insurance, were recorded in the accounting records. One of the main issues addressed at the seminar was the procedure and rules for recognizing the financial impact of contracting contracts and disclosure of accounting records. Revenues and expenditures for long-term and short-term contracts were not neglected. In the second part of the event, Rais Ivanovna responded to the practical questions of online participants.

How are the costs of a construction contract, as well as bank guarantee, recorded in the current period prior to the construction contract?

Expenditures incurred under an outstanding contract may be recorded in account 97, Future Periods, or account 20, Basic proceedings. They can only be recognized when the contract is concluded. Similarly, bank guarantee costs paid in advance prior to the construction contract are included. Before the construction contract is concluded, it is recorded in account 97 and, since the signing of the contract, it has been recognized equally for the duration of the guarantee in both accounting and tax records.

Unencumbered at the time of delivery of the work in the accounting records are reflected as forthcoming costs

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