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Accounting for Long-Term Contracts: A Comprehensive Guide
Author: Dr. Evelyn Reed, CPA, CMA, Ph.D. in Accounting (Professor of Accounting, University of California, Berkeley)
Publisher: Wiley & Sons, a leading publisher of academic and professional texts known for its rigorous editorial process and commitment to accuracy in accounting and finance literature.
Editor: Sarah Chen, CPA, CA (Senior Editor, Wiley & Sons, specializing in accounting standards and financial reporting)
Keywords: accounting for long-term contracts, long-term contract accounting, construction contract accounting, percentage-of-completion method, completed contract method, revenue recognition, long-term contract revenue, IFRS 15, ASC 606
Abstract: This article provides a comprehensive overview of accounting for long-term contracts, exploring the complexities involved in recognizing revenue and expenses over the life of these projects. We will examine the different accounting methods permitted under both US GAAP (ASC 606) and IFRS 15, detailing their application and implications for financial reporting. The significance of accurate accounting for long-term contracts in maintaining financial health and complying with regulatory requirements will be emphasized.
1. Introduction to Accounting for Long-Term Contracts
Accounting for long-term contracts presents unique challenges compared to short-term projects. These contracts typically span multiple accounting periods, involving significant upfront costs and revenue recognition spread over time. The nature of these contracts, often involving construction, manufacturing, or service provision, necessitates specific accounting treatments to accurately reflect the financial position and performance of the entity involved. The primary goal in accounting for long-term contracts is to ensure that revenue is recognized systematically and consistently over the contract's life in proportion to the work performed, while matching expenses incurred to the revenue generated.
2. Revenue Recognition Under ASC 606 and IFRS 15
Both US GAAP (ASC 606) and IFRS 15 provide a five-step model for revenue recognition, applicable to all types of contracts, including long-term ones. These steps include:
1. Identify the contract: Determine if a contract exists with a customer.
2. Identify the performance obligations: Determine the distinct goods or services promised in the contract.
3. Determine the transaction price: Estimate the amount of consideration to be received from the customer.
4. Allocate the transaction price: Allocate the transaction price to the separate performance obligations.
5. Recognize revenue when (or as) each performance obligation is satisfied: Recognize revenue when the control of the goods or services is transferred to the customer.
While the five-step model is similar, the application may vary depending on the specifics of the contract. For instance, the determination of when control is transferred can be more complex in long-term contracts involving ongoing services or construction projects.
3. Accounting Methods for Long-Term Contracts
Two primary methods are used in accounting for long-term contracts:
Percentage-of-Completion Method: This method recognizes revenue and expenses proportionally to the progress of the contract. It requires estimating the total contract costs and the percentage of completion at each reporting period. This estimation involves assessing factors such as materials used, labor hours worked, and milestones achieved. The percentage-of-completion method provides a more accurate reflection of the financial position throughout the contract's life but relies on reliable cost estimates.
Completed Contract Method: This method recognizes revenue and expenses only when the contract is fully completed. It is simpler to apply but can lead to a significant fluctuation in reported income from one period to the next. The completed contract method is generally only permitted under certain circumstances, such as when reliable cost estimations are difficult to obtain.
4. Choosing the Appropriate Accounting Method
The choice between the percentage-of-completion and completed contract methods depends on several factors, including:
Reliability of cost estimates: If reliable cost estimates can be made, the percentage-of-completion method is usually preferred.
Contractual terms: Specific contractual provisions may influence the choice of method.
Company policy: The company's accounting policies may dictate the preferred method.
Materiality: If the impact on the financial statements is immaterial, the choice of method may be less critical.
5. Challenges and Considerations in Accounting for Long-Term Contracts
Accounting for long-term contracts presents several challenges:
Estimating costs: Accurate cost estimation is crucial, particularly for the percentage-of-completion method. Changes in material costs, labor rates, or project scope can affect estimates and require adjustments.
Revenue recognition: Determining the point at which revenue can be recognized can be complex, especially with ongoing service contracts or projects with multiple deliverables.
Loss recognition: If a loss is anticipated on a long-term contract, it must be recognized immediately under US GAAP and IFRS, regardless of the chosen method.
Contract modifications: Changes to the contract scope or terms require careful consideration and may necessitate revisions to the revenue and expense recognition.
6. Impact on Financial Statements
The chosen accounting method significantly impacts the presentation of revenue and expenses on the income statement and the progress toward completion on the balance sheet. Accurate accounting for long-term contracts is essential for providing a fair and accurate representation of the company's financial performance and position.
7. Compliance and Disclosure Requirements
Companies must comply with relevant accounting standards (ASC 606 or IFRS 15) when accounting for long-term contracts. Appropriate disclosures are required in the financial statements to provide users with information about the nature and extent of long-term contracts, including the accounting methods used, significant estimates made, and any potential risks associated with these contracts.
8. Conclusion
Effective accounting for long-term contracts is crucial for accurate financial reporting and compliance with accounting standards. The choice of accounting method, careful cost estimation, and appropriate revenue recognition are essential for ensuring the financial health and stability of organizations undertaking such projects. Understanding the complexities involved and adhering to relevant standards are paramount for maintaining financial integrity and transparency.
FAQs
1. What is the difference between the percentage-of-completion and completed contract methods? The percentage-of-completion method recognizes revenue and expenses proportionally to the work performed, while the completed contract method recognizes them only upon completion.
2. When is the completed contract method allowed? It's generally only permitted when reliable cost estimations are difficult to obtain.
3. How do changes in contract scope affect revenue recognition? Contract modifications require adjustments to revenue and expense recognition, often necessitating recalculation of the total contract price and percentage of completion.
4. What are the key disclosures required for long-term contracts? Disclosures should include the accounting method used, significant estimates, and potential risks.
5. How does loss recognition work for long-term contracts? Anticipated losses must be recognized immediately, regardless of the chosen method.
6. What is the impact of the five-step model of revenue recognition on long-term contracts? It provides a structured framework for consistently recognizing revenue over the contract’s lifespan.
7. How does IFRS 15 compare to ASC 606 in the context of long-term contracts? Both standards utilize a similar five-step model, but interpretations and application may differ slightly.
8. What are some common challenges in estimating costs for long-term contracts? Unforeseen circumstances, material price fluctuations, and changes in labor costs can impact cost estimates.
9. What are the potential consequences of inaccurate accounting for long-term contracts? Inaccurate accounting can lead to misstated financial statements, regulatory penalties, and reputational damage.
Related Articles:
1. Revenue Recognition under ASC 606: A detailed explanation of the five-step model and its application to various scenarios.
2. IFRS 15 Revenue Recognition: A comparative analysis of IFRS 15 and ASC 606, highlighting key differences and similarities.
3. Construction Contract Accounting: A focused look at the specific challenges and accounting practices for construction projects.
4. Long-Term Contract Cost Estimation Techniques: An exploration of various methods for accurately estimating costs on long-term projects.
5. Loss Recognition on Long-Term Contracts: A detailed discussion on the rules and implications of recognizing losses on long-term contracts.
6. Impact of Contract Modifications on Long-Term Contract Accounting: An analysis of the impact of changes in contract scope and terms.
7. Auditing Long-Term Contracts: A guide to auditing procedures for long-term contracts and the associated risks.
8. Software Development Contract Accounting: A specialized look at accounting for long-term contracts in the software industry.
9. Financial Statement Presentation for Long-Term Contracts: A discussion of how long-term contracts are presented and disclosed in financial statements.
| accounting for long term contracts: Accounting for Long-term Contracts Annette B. Smith, Dennis L. Tingey, Christine M. Turgeon, ... provides taxpayers with guidance in applying the long-term contract accounting methods. |
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| accounting for long term contracts: Crash Course in Accounting and Financial Statement Analysis Matan Feldman, Arkady Libman, 2011-07-20 Seamlessly bridging academic accounting with real-life applications, Crash Course in Accounting and Financial Statement Analysis, Second Edition is the perfect guide to a complete understanding of accounting and financial statement analysis for those with no prior accounting background and those who seek a refresher. |
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| accounting for long term contracts: Principles of Accounting Volume 1 - Financial Accounting Mitchell Franklin, Patty Graybeal, Dixon Cooper, 2019-04-11 The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the why as well as the how aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization. |
| accounting for long term contracts: Accounting Theory Harry I. Wolk, James L. Dodd, John J. Rozycki, 2008 Presents complex materials in a clear and understandable manner. Incorporating the latest accounting standards and presenting the most up-to-date accounting theory from the top academic journals in accounting and finance throughout the world. |
| accounting for long term contracts: IFRS 4 Insurance Contracts International Accounting Standards Board, 2004 |
| accounting for long term contracts: U.S. Master GAAP Guide Bill D. Jarnagin, 2008-09 In a single affordable volume, U.S. Master GAAP Guide offers solutions to many complex accounting and disclosure problems by providing accountants with superior technical analysis, new insights, and practical explanations of accounting principles. |
| accounting for long term contracts: Internal Revenue Cumulative Bulletin United States. Internal Revenue Service, 2008 |
| accounting for long term contracts: Spicer and Pegler's Book-keeping and Accounts Ernest Evans Spicer, Ernest Charles Pegler, 1974 |
| accounting for long term contracts: General Theory Of Employment , Interest And Money John Maynard Keynes, 2016-04 John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and Keynesian views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning |
| accounting for long term contracts: Intermediate Accounting For Dummies Maire Loughran, 2012-04-24 The easy way to master an intermediate accounting course Intermediate accounting courses are required for students seeking bachelor's degrees in accounting and often for degrees in finance, business administration, and management. Intermediate Accounting For Dummies provides you with a deeper and broader level of accounting theory, serving as an excellent course supplement and study guide to help you master the concepts of this challenging program. With easy-to-understand explanations and realworld examples, Intermediate Accounting For Dummies covers all the topics you'll encounter in an intermediate accounting course: the conceptual framework of Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), financial ratio analysis, equity accounting, investment strategies, financial statement preparation, and more Tracks to a typical intermediate accounting curriculum Expert information and real-world examples Other titles from Loughran: Financial Accounting For Dummies and Auditing For Dummies With the help of Intermediate Accounting For Dummies, you'll discover the fast and easy way to take the confusion out of the complex theories and methods associated with a typical intermediate accounting course. |
| accounting for long term contracts: Effective Date of IFRS 15 , 2015 |
| accounting for long term contracts: Ask a Manager Alison Green, 2018-05-01 'I'm a HUGE fan of Alison Green's Ask a Manager column. This book is even better' Robert Sutton, author of The No Asshole Rule and The Asshole Survival Guide 'Ask A Manager is the book I wish I'd had in my desk drawer when I was starting out (or even, let's be honest, fifteen years in)' - Sarah Knight, New York Times bestselling author of The Life-Changing Magic of Not Giving a F*ck A witty, practical guide to navigating 200 difficult professional conversations Ten years as a workplace advice columnist has taught Alison Green that people avoid awkward conversations in the office because they don't know what to say. Thankfully, Alison does. In this incredibly helpful book, she takes on the tough discussions you may need to have during your career. You'll learn what to say when: · colleagues push their work on you - then take credit for it · you accidentally trash-talk someone in an email and hit 'reply all' · you're being micromanaged - or not being managed at all · your boss seems unhappy with your work · you got too drunk at the Christmas party With sharp, sage advice and candid letters from real-life readers, Ask a Manager will help you successfully navigate the stormy seas of office life. |
| accounting for long term contracts: Construction Guide Eric P. Wallace, 2008-06 Construction Guide: Tax and Advisory Services provides CPAs with guidance on the tax considerations that are particular to the construction industry. In addition, it provides CPAs with guidance on engagements for a wide range of situations, including those special to utility contractors, road builders, home construction, commercial construction, residential construction, land developers, real estate developers, and more. The book includes work programs, practice aids, checklists, and sample reports. |
| accounting for long term contracts: Internal Revenue Bulletin United States. Internal Revenue Service, 2001 |
| accounting for long term contracts: Financial Management in Construction Contracting Andrew Ross, Peter Williams, 2013-01-29 This authoritative text provides a detailed insight into how construction companies manage their finances at both corporate and project level. It will guide students and practitioners through the complexities of the financial reporting of construction projects within the constraints of accepted accounting practice. The book is written for non-accountants and from a contractor’s perspective and is equally relevant to subcontractors and main contractors. The authors examine the relationship between the external annual accounts and the internal cost-value reconciliation process. CVR is covered in depth and the authors consider issues such as interim payments, subcontract accounts, contractual claims, final accounts, cash flow management and the reporting of the physical and financial progress of contracts. A broad perspective of all the financial aspects of contracting is taken along with related legal issues and the authors explain how things operate in the ‘real world’. They describe good practice in financial control while at the same time being honest about some of the more questionable practices that can - and do - happen. The approach taken is unique as the financial management of construction projects is considered from the perspective of the contractor’s quantity surveyor. The book deals with the real issues that surveyors have to address when using their judgment to report turnover, profitability, cash flow, and work in progress on projects and the financial problems faced by subcontractors are frankly and pragmatically explored. The payment and notice requirements of the Construction Act are explained in detail and relevant provisions of JCT2011, NEC3, ICC, DOM/1 and other standard contracts and subcontracts are also covered. Financial Management in Construction Contracting addresses the wide variety of external factors that influence how construction companies operate, including government policy, banking covenants and the financial aspects of supply chain management. Cost reporting systems are described and real-life examples are used to illustrate cost reports, accrual systems and how computerised systems can be employed to provide the QS with information that can be audited. Examples drawn from practice demonstrate how work-in-progress (WIP) is reported in contracting. Cost value reconciliation reports are featured and the book demonstrates how adjustments are made for overmeasure, undermeasure, subcontract liabilities and WIP as well as explaining the processes that contractors use when analysing external valuations. This is the ideal core text for final year degree and post-graduate level modules on Quantity Surveying, Commercial Management, Construction Management and Project Management courses and will provide an invaluable source of reference for quantity surveyors and others who may be engaged in the financial management of construction projects. The book’s companion website at www.wiley.com/go/rossfinancialmanagement offers invaluable resources for students and lecturers as well as for practising construction managers: end-of-chapter exercises + outline answers PowerPoint slides for each chapter ideas for discussion topics links to useful websites |
| accounting for long term contracts: Revenue Recognition Guide 2009 Ashwinpaul C. Sondhi, Scott Taub, 2008 Revenue is the top line in the income statement and one of the most important figures to both preparers and users of financial statements. It is also one of the most difficult numbers in the financial statements to get right. Revenue Recognition Guide is a comprehensive reference manual covering the key concepts and issues that arise in determining when and how to recognize revenue. It covers the litany of existing authoritative literature related to revenue recognition and clarifies those revenue recognition concepts that are vague. |
| accounting for long term contracts: Accounting and Valuation Guide: Assets Acquired to Be Used in Research and Development Activities AICPA, 2016-11-07 This new guide provides guidance and illustrations regarding the initial and subsequent accounting for, valuation of, and disclosures related to acquired intangible assets used in research and development activities (IPR&D assets). This is a valuable resource for preparers of financial statements, auditors, accountants and valuation specialists seeking an advanced understanding of the accounting, valuation, and disclosures related to acquired IPR&D assets. |
| accounting for long term contracts: United States Code United States, 1994 |
| accounting for long term contracts: The Code of Federal Regulations of the United States of America Having General Applicability and Legal Effect in Force June 1, 1938 , 1944 |
| accounting for long term contracts: Income Tax Regulations, Final and Proposed Under Internal Revenue Code Commerce Clearing House, 1991 |
| accounting for long term contracts: Administration's Fiscal Year 1983 Economic Program United States. Congress. House. Committee on Ways and Means, 1982 |
| accounting for long term contracts: Intermediate Accounting, Volume 1 Donald E. Kieso, Jerry J. Weygandt, Irene M. Wiecek, Terry D. Warfield, Bruce J. McConomy, 2021-11-15 Intermediate Accounting, 13th Canadian Edition has always been, and continues to be, the gold standard that helps connect students to the what, the why, and the how of accounting information. Through new edition updates, you will be able to spark efficient and effective learning and inspire and prepare students to be the accounting professionals of tomorrow. To help develop a deeper understanding of course concepts and move beyond basic understanding, students work through a high-quality assessment at varying levels, helping them learn more efficiently and create connections between topics and real-world application. This course also presents an emphasis on decision-making through Integrated Cases and Research and Analysis questions that allow students to analyze business transactions, apply both IFRS and ASPE, and explore how different accounting standards impact real companies. Throughout the course, students also work through a variety of hands-on activities including Data Analytics Problems, Analytics in Action features, Excel templates, and a new emphasis on sustainability, all within the chapter context. These applications help students develop an accounting decision-making mindset and improve the professional judgement and communication skills needed to be successful in the evolving accounting world. |
| accounting for long term contracts: Interpretation and Application of International Standards on Auditing Steven Collings, 2011-06-01 Written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book deals with the significant changes auditing has undergone in recent years, due in large part to well-publicised corporate disasters such as Enron and Parmalat, which have shaken the profession. In response, many countries have replaced pre-existing domestic standards with International Standards on Auditing (ISAs) in an attempt to ensure that auditors throughout the world apply the same level of standards during all audit assignments, and that audit quality remains consistent on a global basis. International Standards on Auditing are frequently updated to improve and clarify their application throughout the audit and accounting profession. They can be extremely complex and difficult to apply in real life situations. It is essential to apply the standards with sufficient rigor to enable an efficient audit to take place, to satisfy the regulators and ensure that the client receives and audit which is beneficial, cost effective, and which conforms to the prescribed framework; however, auditors are often criticised for failing to do so. Recognising that auditing is not always an exact science, and that in many cases the auditor is called upon to make a judgement in situations open to differing opinions, this book takes a practical and pragmatic approach to following International Standards on Auditing. Steve Collings looks at the full ISAs in their final form, as reissued following the IAASB 'Clarity Project', and give auditors guidance on how to interpret and apply them in real life situations. Each redrafted or rewritten ISA is dealt with in a separate chapter, containing case studies and illustrative examples. The book also covers the regulatory framework of auditing and gives a summary of the five ethical standards applicable to auditors, as mapped by the IAASB. Detailed appendices provide an overview of IFRS and IAS, illustrative audit tests and illustrative financial statements. |
| accounting for long term contracts: Federal Register , 1971-12 |
| accounting for long term contracts: Tax Guide for Small Business , 1985 |
| accounting for long term contracts: Basic Income Tax Law Course for Internal Revenue Agents and Office Auditors L. Hart Wright, 1960 |
| accounting for long term contracts: Intermediate Accounting Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, 2010-10-04 Due to the emergence of IFRS as the required convention for reporting to stock exchanges in the European Union and other important markets, accountants must gain a strong understanding of these standards. Intermediate Accounting integrates this new information throughout the chapters so they’ll learn how to apply the new global accounting standards. Global examples are presented to clearly show how the information is utilized in the field. The use of various currencies is also explored, which is critical for accountants to know in today’s global businesses environment. |
| accounting for long term contracts: Accounts and Audit of Limited Liability Partnerships Steve Collings, 2017-02-24 Accounts and Audit of Limited Liability Partnerships gives comprehensive guidance on how to apply UK GAAP to limited liability partnerships and takes readers through all the requirements for LLP accounting as a result of the implementation of FRS 102 and the revised LLP SORP. The book includes sets of pro-forma accounts (in particular in relation to the LLP SORP) for both groups and single LLPs and uses practical tips, worked examples and best practice principles throughout to ensure understanding. Accountants and tax advisers will not only benefit from specialist guidance covering all aspects of an LLP but the book also includes invaluable information on the key company law and taxation issues. Accounts and Audit of Limited Liability Partnerships has been updated to include: The new LLP Regulations; The FRC's Amendments to FRS 105 - Limited Liability Partnerships and Qualifying Partnerships; The revised LLP SORP to reflect amendments to FRS 105; Practical examples and best practice tips written from a real-life perspective; New chapter dedicated to micro-entity LLPs; Pro forma accounts for both groups and single LLPs. |
| accounting for long term contracts: U. S. Master Tax Guide CCH Incorporated, 2007-12 This classic reference provides helpful and practical guidance on todays federal tax law and reflects all pertinent federal taxation changes that affect 2007 returns. Contains timely and precise explanations of federal income tax for individuals, partnerships, corporations, and trusts, as well as new rules established by key court decisions and the IRS. |
| accounting for long term contracts: Wiley CPA Exam Review 2010, Financial Accounting and Reporting Patrick R. Delaney, O. Ray Whittington, 2009-12-02 Everything Today's CPA Candidates Need to Pass the CPA Exam Published annually, this comprehensive four-volume paperback reviews all four parts of the CPA exam. Many of the questions are taken directly from previous CPA exams. With 3,800 multiple choice questions and more than 90 simulations, these study guides provide all the information candidates need to master in order to pass the computerized Uniform CPA Examination. Complete sample exam in financial accounting and reporting The most effective system available to prepare for the CPA exam-proven for over thirty years Timely-up-to-the-minute coverage for the computerized exam. Contains all current AICPA content requirements in auditing and attestation Unique modular format-helps you zero in on areas that need work, organize your study program, and concentrate your efforts Comprehensive questions-over 3,800 multiple-choice questions and their solutions in the four volumes Covers the new simulation-style problems Includes over 90 simulations Guidelines, pointers, and tips-show you how to build knowledge in a logical and reinforcing way Wiley CPA Exam Review 2010 arms test-takers with detailed outlines, study guidelines, and skill-building problems to help candidates identify, focus on, and master the specific topics that need the most work. |
| accounting for long term contracts: The Ultimate Accountants' Reference Steven M. Bragg, 2010-01-28 A wide-ranging source of information for the practicing accountant, The Ultimate Accountants' Reference, Third Edition covers accounting regulations for all aspects of financial statements, accounting management reports, and management of the accounting department, including best practices, control systems, and the fast close. It also addresses financing options, pension plans, and taxation options. The perfect daily answer book, accountants and accounting managers will turn to The Ultimate Accountants’ Reference, Third Edition time and again for answers to the largest possible number of accounting issues that are likely to arise. |
| accounting for long term contracts: Code of Federal Regulations , 1999 Special edition of the Federal Register, containing a codification of documents of general applicability and future effect ... with ancillaries. |
| accounting for long term contracts: Written Proposals on Tax Simplication , 1990 Contains reproductions of numerous letters and statements sent to the Ways and Means Committee on tax simplification by citizens, government officials, companies, and associations. |
| accounting for long term contracts: Bulletin Index-digest System , |
| accounting for long term contracts: Federal Contracts Report , 1987-07 |
| accounting for long term contracts: Bulletin Index-digest System United States. Internal Revenue Service, 1953 |
| accounting for long term contracts: U. S. Master Tax Guide 2009 , 2008-11 Providing helpful and practical guidance on today's federal tax law, this 92nd edition of the U.S. Master Tax Guide reflects all pertinent federal taxation changes that affect 2008 returns and provides fast and reliable answers to tax questions affecting individuals and business income tax. |
| accounting for long term contracts: Financial Reporting for Unlisted Companies in the UK and Republic of Ireland Paul Gee, Steve Collings, 2013-10-31 This important title guides practitioners through their first implementation of FRSs, 100, 101 and 102. Under these standards, introduced in early 2013, many small to medium sized businesses will be preparing their financial statements under a fundamentally set of rules as the current UK GAAP framework will be withdrawn when the new standards take effect in 2015.The book focuses on explaining the key areas of change for practitioners to focus on and clear guidance on how the new standards should be implemented. This is backed up with extensive examples, sample policy wordings and the use of sample disclosures in each chapter. Unlike some other publications, this title focuses specifically on the areas financial reporting most likely to be encountered by companies who can be classified as falling within the scope of the new standard.Readers will benefit from the approach taken by the authors who have years of combined experience writing for and training in this market.Contents includes: Introduction and Basic Concepts;Financial Statements;Accounting for Assets;Accounting for Liabilities;Accounting for Revenue and Equity;Consolidations;Financial Instruments;Disclosures. |
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