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Direct Cost of business contract
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[QUOTE="Yakub02, post: 308370, member: 94426"] [B]Costs that relate directly to a contract[/B] might include: direct labour and direct materials; allocations of costs that relate directly to the contract or to contract activities; costs that are explicitly chargeable to the customer under the contract; and other costs that are incurred only because an entity entered into the contract (e.g. payments to subcontractors). The following costs must be recognised as expenses when incurred: general and administrative costs (unless those costs are explicitly chargeable to the customer under the contract); costs of wasted materials, labour or other resources to fulfil the contract that were not reflected in the price of the contract; costs that relate to satisfied performance obligations (or partially satisfied performance obligations) in the contract (i.e. costs that relate to past performance). Amortisation and impairment An asset for contract costs recognised in accordance with this standard must be amortised on a systematic basis consistent with the transfer to the customer of the goods or services to which the asset relates. The amortisation must be updated to reflect a significant change in the entity’s expected timing of transfer to the customer of the goods or services to which the asset relates. [/QUOTE]
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