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The combined company, Flatiron Dragados, would be held 61.8% by ACS and 38.2% by Hochtief. [30] [31] That same year, ACS Group reported that it had achieved better than expected results, which was largely attributed to its construction portfolio in the United States and Australia, particularly its toll road interests. [32]
Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
In May 2014, the FASB and IASB issued new, converged guidance on revenue recognition. This guidance, known as ASC 606 (or IFRS 15), aims to improve consistency in recognizing revenue from contracts with customers. [3] ASC 606 became effective in 2017 for public companies and 2018 for private companies. [4]
Revenue-Barter Transactions Involving Advertising Services 2001 January 1, 2002: January 1, 2018: IFRS 15: SIC 32 Intangible Assets-Web Site Costs 2001 March 25, 2002: SIC 33 Consolidation and equity method - Potential voting rights and allocation of ownership interests 2001 January 1, 2002: January 1, 2005: IAS 27 and IAS 28
After improving the offer to nine ACS shares for five Hochtief shares, ACS announced in January 2011 that it held over 30% of Hochtief’s shares following the conclusion of the takeover bid. [ 52 ] [ 53 ] By June 2011, ACS held slightly over 50% of Hochtief’s shares, [ 54 ] as shares held by Hochtief itself were voting shares attributed to ACS.
A main purpose of the project to develop IFRS 15 was that, although revenue is a critical metric for financial statement users, there were important differences between the IASB and FASB definitions of revenue, and there were different definitions of revenue even within each board's guidance for similar transactions accounting for under different standards. [3]
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In an effort to assist industry professionals with the selection of appropriate project delivery systems, construction management researchers have prepared a Procurement Method and Contract Selection Model, which can be used for high level decision making for construction projects on a case-by-case basis. [3]
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