Research On The Applicable Accounting Standard Of EPC Construction Contract

With the market of the project at home and abroad continues to open and intensified competition, EPC project contract in the process of using the existing construction contract standards exist more and more problems. This paper, on the basis of construction contract standards, around the EPC project contract operation mode and contract characteristics, discussed and analyzed improvement measures and suggestions of EPC project contract accounting method and mode. Firstly, Consider the possibility of EPC construction contract itself meeting the separation of accounting objects, divide the EPC construction contract for several different types of contracts, Calculate revenue and costs for each type of contract separately, and Summarize of the entire EPC construction contract for the accounting results. It will be more Scientific and accurate. Secondly, put forward that EPC project contract meets the principle of the part of goods sale and the part of providing labor services can be measured separately in mentioned revenue principle, contract of equipment supplying and procurement can adapt to income principles and account for by selling goods. It can improve the accounting information quality. Finally, in three kinds of contract, design, procurement and construction that are contained in the EPC contract, the paper analyzes the transfer of control right of assets, and significance of the IASB revenue recognition model for the current EPC project contract revenue accounting, it also discuss the feasibility and advantage that EPC project contract adapt to the IASB revenue recognition model, can enhance the quality of accounting information and contract assets management.