Interesting note regarding WIP here:
==============Significant accounting judgement
Estimating variable consideration
Under AASB 15 Revenue from Contracts with Customers, where consideration in respect of a contract is variable,
revenue can only be recognised to the extent that it is highly probable that the cumulative amount of revenue recognised
in respect of a contract will not be subject to a significant reversal when the uncertainty associated with the variable
consideration is subsequently resolved (this is referred to as the ‘constraint’ requirement). WIP has been recognised net
of a constraint of $74,797,000 (30 June 2022: $70,473,000).
The Group has determined statistically that its existing modelling for expected losses for contingent matters is materially
compliant with the new constraint requirements for variable consideration.
==============
(Page 18)
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Interesting note regarding WIP here:==============Significant...
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1 | 40549 | 0.695 |
1 | 30000 | 0.690 |
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