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Revenues on long-term construction contracts are exceptions to the general rule that revenues should be recorded once earned, meaning that these revenues can be recorded throughout the time periods of ...

The percentage of completion method requires the taxpayer to include the portion of the total contract price that corresponds to the percentage of the entire contract that has been completed during ...

Contract jobs can vary considerably in length. The day of completion for a contract job oftentimes requires extension for a variety of reasons. The completed contract method allows you to delay ...

Editor’s Note: The 2017 tax reform legislation expands the exception for small long-term construction contracts from the requirement to use the percentage-of-completion method. See heading in Q 9057.

After establishing new standards for revenue recognition in accounting for construction companies, the bottom line is this: The new standards and processes they engender may yield results similar to ...