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

Authors

American Institute of Certified Public Accountants. Construction Contractor Guide Committee

Files

Description

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 relatively short-term accounting periods.

Publication Date

1979

Relational Format

Book

Keywords

Construction industry -- Accounting

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Recommended Citation

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" (1979). Exposure Drafts, Comment Letters, and Statements of Position. 412.
https://egrove.olemiss.edu/aicpa_sop/412