Bloomsbury Ltd provides you with the following information for one of its contracts, contract X:
£
Contract price 4,000
Cost of work recognised / certified 1,400
Costs carried forward 100
Value of work recognised / certified 1,800
Estimated additional costs to completion 1,500
Progress billing (payments on account) 1,620
The cost of work certified represents costs incurred in reaching the stage of completion represented by the value of work certified. The costs carried forward represent cost incurred subsequently but before the year end.
Bloomsbury Ltd policy is not to recognise any profit until the contract is 1/3 complete by value. Thereafter it recognises each year a proportion of total expected profit.
Cumulative turnover is calculated as the value of work certified except where the contract is not 1/3 complete by value, in which case turnover is recorded at an amount equal to cost of sales.

Required
What is a construction contract and why are they accounted for differently to other forms of inventory? When compared with IAS 11 'Construction contracts', to what extent has IFRS 15 'Revenue from contracts with customers' changed according for such transactions ?
Your answer to this part of the question should not be more than 390 words.
Show how contract X would be reflected in the income statement for the year ended 31 December 2021 and the statement of financial position as at 31 December 2021 for Bloomsbury Ltd in accordance with standard accounting practice.