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Because of the wide variety of types of service transactions and the different characteristics of each type, diverse accounting methods have evolved to apply the fundamental principles to service revenues and costs. Furthermore, diverse accounting methods are used by entities engaging in similar transactions. The Division believes that the range of alternative accounting methods should be narrowed.
Service industries -- United States -- Accounting
Accounting | Taxation
American Institute of Certified Public Accountants. Accounting Standards Executive Committee, "Accounting for service transactions" (1977). Statements of Position. 374.