Triple

Given a phrase, classify it is english named entity (e.g., persons, organizations, works of art) in Latin script, or not (e.g., literals, dates, URLs, verbose phrases). For disambiguation, the statement where the phrase occurs as object is also given. Please return a JSON object with `phrase` (string, the phrase being analyzed) and `is_ne` (boolean, indicating whether the phrase is a Named Entity).

Phrase: IAS 11 Construction Contracts | Statement: [IFRS 15 Revenue from Contracts with Customers, supersedes, IAS 11 Construction Contracts]

Target entity: IAS 11 Construction Contracts
Context triple: [IFRS 15 Revenue from Contracts with Customers, supersedes, IAS 11 Construction Contracts]

• A. IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  IAS 37 Provisions, Contingent Liabilities and Contingent Assets is an International Accounting Standard that sets out the criteria and measurement rules for recognizing and disclosing provisions, contingent liabilities, and contingent assets in financial statements.
• B. IFRS 15 Revenue from Contracts with Customers
  IFRS 15 Revenue from Contracts with Customers is an international accounting standard that sets out a comprehensive, principles-based framework for recognizing revenue from customer contracts across industries.
• C. IAS 1 Presentation of Financial Statements
  IAS 1 Presentation of Financial Statements is an International Accounting Standard that sets out the overall requirements for the structure, content, and minimum disclosures of general purpose financial statements.
• D. IAS 12 Income Taxes
  IAS 12 Income Taxes is an International Accounting Standard that prescribes the accounting treatment for current and deferred income taxes in financial statements.
• E. IAS 36 Impairment of Assets
  IAS 36 Impairment of Assets is an International Accounting Standard that prescribes procedures to ensure assets are not carried at more than their recoverable amount, requiring entities to recognize and measure impairment losses when necessary.
• F. None of above. chosen
• G. Unsure - the case is ambiguous/there is not enough information to decide.

Generate a one-sentence description of the target entity. 
You are given a context triple in the form (subject, predicate, object), where the object is the target entity. 
# Instructions
Use the triple to infer relevant information about the entity. Describe the entity based on what is most defining, well-known. 
Avoid repeating the information from the triple, unless really essential.
# Response Format
Return only the sentence: "Description: [one-sentence description of the target entity]"

Entity: IAS 11 Construction Contracts
Triple: [IFRS 15 Revenue from Contracts with Customers, supersedes, IAS 11 Construction Contracts]

IAS 11 Construction Contracts was an international accounting standard that prescribed how to recognize revenue and costs for long-term construction contracts before being replaced by IFRS 15.

Target entity: IAS 11 Construction Contracts
Target entity description: IAS 11 Construction Contracts was an international accounting standard that prescribed how to recognize revenue and costs for long-term construction contracts before being replaced by IFRS 15.

• A. IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  IAS 37 Provisions, Contingent Liabilities and Contingent Assets is an International Accounting Standard that sets out the criteria and measurement rules for recognizing and disclosing provisions, contingent liabilities, and contingent assets in financial statements.
• B. IFRS 15 Revenue from Contracts with Customers
  IFRS 15 Revenue from Contracts with Customers is an international accounting standard that sets out a comprehensive, principles-based framework for recognizing revenue from customer contracts across industries.
• C. IAS 1 Presentation of Financial Statements
  IAS 1 Presentation of Financial Statements is an International Accounting Standard that sets out the overall requirements for the structure, content, and minimum disclosures of general purpose financial statements.
• D. IAS 12 Income Taxes
  IAS 12 Income Taxes is an International Accounting Standard that prescribes the accounting treatment for current and deferred income taxes in financial statements.
• E. IAS 36 Impairment of Assets
  IAS 36 Impairment of Assets is an International Accounting Standard that prescribes procedures to ensure assets are not carried at more than their recoverable amount, requiring entities to recognize and measure impairment losses when necessary.
• F. None of above. chosen