In this video you'll learn how to account for a long term contract using the percentage-of-completion method for recognizing revenue. This method is used under IFRS and is standard for long term contracts. Come out of this tutorial understanding one of the most common methods for reporting long term contracts.
NOTE: There is a transpositional error in this tutorial where the revenue to date (@4:25) should be $3,528,000 and not $3,582,000.
If you follow the logic and flow of the tutorial you should still understand the percentage of completion method for long term contracts. :)