Greek Limited has the following three fixed-price construction contracts, none of which has a variable component. Each contract is considered to contain only one performance obligation which will be satisfied over time. The following information is available in relation to the three contracts.

Additional Information:
1. Contract Alpha was 50% complete at 31 December 2016; accordingly, appropriate amounts for revenue and profit were included in the 2016 statement of profit or loss and other comprehensive income.
2. While Greek Limited deems that an input method that uses the percentage of completion based on costs incurred appropriately predicts performance under each contract, it is believed that the outcome of a contract can only be estimated reliably once it has reached a minimum of 30% completion.
3. A loss-making contract can be deemed ‘onerous’ in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, with the loss reflecting the least net cost of exiting from the contract.
Requirement How should Greek Limited reflect the contracts in its financial statements for the year ended 31 December 2017?

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Contract Alpha Beta Gamma Commenced June 2016 January 2017 November 2017 Total contract value at inception 90m 60m 100m Costs incurred to 31 December 2017 70m 45m 15m Estimated costs to complete 10m 23m 70m Completion at 31 December 2017 80% 60% 10% Progress payments received at 31 December 2017 65m 32m 20m