Completed Contract - IFRS


for the completed contract method under ifrs, profit is not recognized until all the costs are incurred or until all revenue is collected ?

And before, that point, profit is 0 as revenues need to match costs or costs need to match revenues ?

for example if one year, revenues are 300 and costs 200. Does that translate on the I/S as sales=200=costs ?

Or if revenues are 200 and costs 300, does that translate to revenues = 200 = costs ?