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Proposed Statement Of Position : Accounting For Performance Of Construction-Type And Certain Production-Type Contracts;Accounting For Performance Of Construction-Type And Certain Production-Type Contracts; Exposure Draft (American Institute Of Certified Public Accountants), 1979, Dec. 21, American Institute Of Certified Public Accountants. Construction Contractor Guide Committee
Proposed Statement Of Position : Accounting For Performance Of Construction-Type And Certain Production-Type Contracts;Accounting For Performance Of Construction-Type And Certain Production-Type Contracts; Exposure Draft (American Institute Of Certified Public Accountants), 1979, Dec. 21, American Institute Of Certified Public Accountants. Construction Contractor Guide Committee
Exposure Drafts, Comment Letters, and Statements of Position
This statement of position provides guidance on the application of generally accepted accounting principles in accounting for the performance of contracts for the construction of facilities, the production of unique goods, or the provision of related services to a buyer's specifications. The determination of the point or points at which revenue should be recognized as expenses is a major accounting issue common to all business enterprises engaged in the performance of contracts of the types covered by this statement. Accounting for such contracts is essentially a process of measuring the results of relatively long-term events and allocating those results to …