Which of the following is not a disclosure requirement of AASB 111?
A) The amount of contract revenue recognised as revenue must be disclosed either on the face of the income statement or in the accompanying notes.
B) Contract costs incurred must be disclosed either on the face of the income statement or in the accompanying notes.
C) A liability being the gross amount due to customers for contract work.
D) The gross amount of work progress must be disclosed in the balance sheet.
E) For contracts in progress, the amount of advances received, must be disclosed either on the face of the income statement or in the accompanying notes.

Question

Quizplus · Accepted Answer

AASB 111 does not require disclosure of the gross amount of work progress in the balance sheet. The other options listed are disclosure requirements of AASB 111.

Which of the Following Is Not a Disclosure Requirement of AASB