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Case 1a: Construction Case ACCT 595 Summer 2017 Austin, Texas has undergone a tremendous population growth over the past few years. Builders cannot construct housing fast enough. Squirrelly Builders has just been contracted by SK Renting Company to build an apartment complex. The job is expected to take a year and a half to finish, with an estimated cost of 2.5 million dollars and, per the contract, a promised consideration of 3.125 million dollars (a 25% profit) with a bonus of $150,000 if the job is completed on schedule. By the end of the first year Squirrelly Builders had spent 1.62 million on construction and estimated the total cost of the completed job to be 2.7 million dollars. The company was unsure if it would complete the job in time to collect the bonus, but was trying diligently to meet the schedule. In the first month of the second year, SK Renting Company and Squirrelly Builders agreed upon the following modifications: 1) The flooring would be switched from carpeting to tile and the bathrooms would be upgraded to have deluxe bathrooms, including whirlpool tubs, and closets. This required modifications of the currently installed bathrooms and closets. The two companies agreed that this modification would cause the total time of the project to increase to 26 months. It was agreed that Squirrelly Builders would still be given the $150,000 bonus if the project were completed in that amount of time. It was estimated by Squirrelly Builders that this would add $200,000 to the construction cost. The promised consideration was increased by $250,000 for this modification. 2) SK Renting Company also contracted Squirrelly Builders to construct a recreation room with an indoor heated pool and tub. This additional building was to be in an area originally designated for green space. It was decided the roof of the building should be an outdoor garden, so that the residents would still have an area where they could go to relax. It was estimated that this building would take 15 months to build, at a cost $350,000. SK Renting Company agreed to pay Squirrelly Builders $437,500 for the building. At the end of the second year the following data were available: Total Cost to Date Estimated Additional Cost to Complete Apartment--Original Design $2,700,000 0 Apartment-Modification $160,000 $40,000 Recreation Room/Pool/Spa/Garden $270,000 $80,000 At that time, Squirrelly Builders was finishing the modifications inside the apartments and is certain it will complete the project on schedule. Case Questions 1) Summarize the issues specifically related to accounting that are in this case. 2) Providing relevant support from the FASB Codification, discuss the proper accounting treatment for the revenue generating activities. More specifically, at what point(s) in time should revenue be recognized, for what amount(s), to which accounts, and why? (Your answer should provide this information for years 1 and 2) 3) Find, cite, and summarize the relevant International Accounting Standard(s) (IAS) applicable to this case. Compare and contrast relevant U.S. GAAP and International Financial Reporting Standards (IFRS)