Completed-Contract Method

Knowledge Center



Summary, forum, best practices, expert tips and information sources.

 

Summary
Completed-Contract Method

What is the Completed-Contract Method? Meaning.

The Completed-Contract Method prescribes the accounting treatment of revenue and costs associated with long-term construction projects under U.S. GAAP, in which the outcome cannot be estimated reliably.


If the outcome of a construction project cannot be estimated reliably, U.S. GAAP requires the application of the Completed-Contract Method (please note that the application of this method is prohibited under IFRS).


Under this method, contract costs and related billings are reported as deferred items in the financial statements until the project is complete or substantially complete.


Although income is only recognized on completion, losses are to be recognized in their entirety as soon as their probable existence is known.


Special Interest Group

Join

Completed Contract Method Special Interest Group.



Special Interest Group (4 members)

Forum

New Topic

Forum about the Completed Contract Method.


Best Practices

Sign up

The top-rated topics about the Completed Contract Method. Here you will find the most valuable ideas and practical suggestions.


Expert Tips

Sign up

Advanced insights about the Completed Contract Method. Here you will find professional advices by experts.


Information Sources

Sign up

Various sources of information regarding the Completed Contract Method. Here you will find powerpoints, videos, news, etc. to use in your own lectures and workshops.



Research Links

Sign up

Automatically jump to further useful sources regarding the Completed Contract Method.


News Videos Presentations Books More

News

Videos

Presentations

Books

More

Special Interest Group

Are you interested in the Completed Contract Method? Sign up for free

Notify your students

Copy this into your study materials:

and add a hyperlink to:

Link to this knowledge center

Copy this HTML code to your web site:

 
 

Return to Management Hub: Finance & Investing


More on Management  |  Return to Management Dictionary

 

This ends our Completed-Contract Method summary and forum.



About 12manage | Advertising | Link to us / Cite us | Privacy | Suggestions | Terms of Service
2021 12manage - The Executive Fast Track. V15.8 - Last updated: 2-3-2021. All names of their owners.