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48000 118000 52000 126500 9000 The problem of how and when to account for revenue on long term contracts has been an issue for many years. Evaluate the approach taken by IFRS 15 (Revenue from Contracts with Customers) to permit revenue to be recognised over time on a contract. Zulfar Holdings Ltd is a construction company that specialises in building electricity generating stations powered by wind turbines. In April 2021, Zulfar Holdings Ltd won new contracts to build an electrity generation station in Fiji and a very large wind farm instilation in Australia, both contracts meet the criteria for performance conditions to be met over time. Fiji Contract The contract was for a total value of $125 Million. The OUTPUT method is to be used for calculating contract revenue, with the value of work performed being determined by qualified architects. The building work has unfortunately had a number of problems. You are given the following information regarding the performance of the contract at 31 March 2022 and 2023. 31 MARCH 2020 (5'000) 31 MARCH 2023 (5000) certified level and revenue costs incurred to date estimated costs to complete 83000 cumulative progress billings 42000 Australia contract This division won a contract for 5150 Million to build a new road and rail bridge. The INPUT method is to be used for calculating contract revenue. You are given the following information regarding the contract at 31/12/19 and 31/12/20. 31 MARCH 2022 (5'000) 31 MARCH 2023 (5000) costs incurred to date 52000 estimated costs to complete 78000 cumulative progress billings 58000 110000 Required: b. Calculate the revenue, profit and statement of financial position balance for the Fiji contract for the years ending 31 March 2022 and 2023. C. Calculate the revenue, profit and statement of financial position balance for the Australia contract for the years ending 31 March 2022 and 2023 117000 98250 32750