Sun City Limited commences construction of a multi-purpose water park
Sun City Limited commences construction of a multi-purpose water park on 1 July 2014 for Pretoria Limited. Sun City Limited signs a fixed-price contract for total revenues of $50 million. The project is expected to be completed by the end of 2017 and Pretoria Limited controls the asset throughout the period of construction. The expected cost as at the commencement of construction is $38 million. The estimated costs of a construction project might change throughout the project—in this example, they do change. The following data relates to the project (the financial years end on 30 June): 2015 ($m) 2016 ($m) 2017($m) Costs for the year 10 18 12 Costs incurred to date 10 28 40 Estimated costs to complete 28 12…
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