Veidekke ASA: New revenue recognition standard takes effect - IFRS 15
The IFRS 15 revenue recognition standard took effect on 1 January 2018. The new standard is relevant to Veidekke's recognition of revenue from residential projects as well as change orders and supplementary work in construction projects. The 2017 annual accounts have been restated in accordance with the new standard. Residential projects in property development operationsIn the financial statement, Veidekke has, in accordance with the previous standard IAS 11, recognised revenue from residential projects on the date of contractual delivery to the purchaser (IFRIC 15). In accordance