For an entity that follows IFRS, which of the following statements regarding accounting for long$-$term construction contracts is true?

Question $3$ options:

a$)$

Accounting for a fixed$-$price construction contract is the same regardless of whether the contract is profitable in all periods, profitable in some periods, or unprofitable in all periods.

b$)$

Current$-$period revenue is calculated as the percentage complete $\backslash$times contract price $$cumulative revenue previously recognized.

c$)$

When total estimated costs of a contract are greater than the contract price, the contract loss is recognized over the term of the contract.

d$)$

Increased contract costs should be accounted for retrospectively.