Which method is preferred by the IASB to account for long-term contracts?

Question

Quizplus · Accepted Answer

The IASB prefers the completion method for accounting for long-term contracts because it allows for revenue and expenses to be recognized as work progresses, rather than waiting until completion. This provides more accurate and timely information for financial reporting purposes. The fixed price method and the cost plus method may also be used, but the completed contract method is not allowed under IFRS.

Which Method Is Preferred by the IASB to Account for Long-Term