Percentage Completion Method | ASC 606 | Revenue Recognition Over-time & At a point in time | CMA 1

This video from Commerce Specialist is on Accounting for Long Term Contracts. Detailed discussion is done about Accounting Standard Codification ASC 606. Explanation is given on the Difference between a Point in time and Over-time contracts, the difference between IFRS 15 and ASC 606, the 5 step revenue recognition model, how to calculate percentage completion under cost to cost method, how to calculate contract gross profit, how to determine how much of gross profit to recognize in a particular year etc.
This video is relevant for students of CMA part 1, CIMA, CPA, CA, ACCA and students of other professional qualifications.
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[@MuhammedCPmuhammedba]

Sir ..very good explanation..but my doubt is ..in first example...in 2020 estimated cost to complete is 50000 ..then in 2021 cost incurred is only 40000...and zero estimated cost to complete...so where is the remaining 10000???

[@Ishank84]

Perfect Sir, Thankyou

[@sohailahmad07860]

i think thers is some problem because cost in curred to date total cost incurred todate is not only one year cost.... it is cost to date mean cost of two year or more ... please give feed back

[@RogerNzally]

Thank you so much. If I’m in doubt about anything in accounting I come to your channel and you explain it very clearly. Thank you.

[@CommerceSpecialist]

😊👍🙏

[@JahanasherinJana]

11:14 if at least one of the criteria is met then it is overtime right? not point in time.

[@smithkaupa2299]

Love watching your best lectures in all aspects of accounting ...I am learning so much from you ... really love attending your lectures on ur TH-cam channel

[@CommerceSpecialist]

Thanks for watching dear🙏😊👍

[@eliasdegazon643]

Excellence personified

[@CommerceSpecialist]

Thanks a lot my dear🙏👍

[@peternwanji1880]

Beautiful lecture but the second example was not clear enough especially when you were solving, the camera didn't capture that other important part of the computation. However.,sir, u are the best! Your video lectures are self explanatory. Thank you so much.

[@CommerceSpecialist]

Thanks a lot, will try to fix camera issue👍🙏

[@bettytom6999]

Thank You so much Sir..your explanation is excellent ❤

[@CommerceSpecialist]

Ur welcome dear👍🙏

[@AsadAnsari-vs6ve]

Hi Sir
I just subscribed your channel after watching this video.
It was really informative. Thanks sir.
Can you pls tell us the journal entries for 2020, 2021 and 2022 plz

[@Vanshi_life.2003]

ossm explaination

[@CommerceSpecialist]

Thx dear

[@simplegirl-go7gf]

Thank u so much for your video I understood clearly...

[@CommerceSpecialist]

👍🙏

[@muhammadzulfiqarahmed5501]

Dear sir, ASC606 fulfills the requirements of IFRS 15? Moreover ASC606 and IFRS 15 both have same point of view while recognising the reveues from long term contracts of construction or AMCs. Please advise. Thanks

[@CommerceSpecialist]

Mostly but not fully, as in IFRS 15 disclosure requirements are different

[@simplegirl-go7gf]

how to calculate contra asset and contra liability at a point in time can u explain in video

[@TravelAddicts-22]

Thanks a lot Sir

[@CommerceSpecialist]

Ur welcome dear